What is an IRA?

An IRA is an Individual Retirement Account. These accounts were originally established in the 1970's to promote tax-deferred savings and to provide individuals with a supplement to Social Security and private pension retirement income. In addition, more recent legislation created an additional IRA to help with certain types of education expenses. 

NOCCU members can choose from a short-term Variable IRA or IRA Term Share Certificates with maturities ranging from one to five years. IRAs are insured separately from your other NOCCU share accounts.

There are three types of IRAs available: the Traditional IRA, Roth IRA, and Education IRA. To find recent articles describing these accounts as well as upcoming changes due to recent legislation, click on the Quick Link to the Members Financial Services Education Center.

NOCCU has made available an online copy of a booklet titled "Your Insured Funds." The purpose of this booklet is to help you understand your share insurance protection.

Click here to view the document.

If you do not have Adobe Acrobat Reader, you may acquire a free copy from Adobe by clicking on the Adobe "Get Acrobat Reader" icon below. Please note that you will need to download and install Acrobat Reader from the Adobe website to the hard drive of your desktop PC.