As a result of recent retirement plan law changes, those of you who are receiving a lump sum payout of our 401(k) retirement plan can transfer the monies into an Individual Retirement Account (IRA). After the transfer to the IRA, your monies will now be subject to the same rules of all IRA accounts.
We have IRA accounts at PacAdFCu that you can set up as a current or retired employee of any of SEG’s such as Japan Air Lines and its all of its subsidiaries and Panalpina. |
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The IRA account plan at PacAdFCu is designed to provide you with a safe place for your retirement funds with easy access to it when you need it. The account is a deposit account that allows you instant access to the funds within the established IRA rules of deposits and disbursements. Because it is an IRA account, our dividend rate is a little higher than our regular share deposit rates.
Therefore, if you will be taking a lump sum payout of your 401(k) retirement account at your employment separation and want some time to research a long term investment for your monies, you can have your payout transferred to your credit union IRA account. Then you will not have any penalties to pay and/or have to declare the payout as ordinary income in your next income tax filing. Call Charlemaigne at the credit union (800-444-5504) if you have any questions.
