Personal Banking

Retirement Accounts

Planning Today For The Money You'll Need Tomorrow.

When you open a Trustco retirement account, you're not only earning excellent interest rates, enjoying tax advantages and making your money work harder, you're planning for your future. Whether you're interested in short term or long-term investments, we can help you tailor a plan to meet your individual needs. It's smart. And it's as easy as talking to your Home Town banker at the Trustco office nearest you.

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INDIVIDUAL RETIREMENT ACCOUNTS (IRA)

• Wide range of investment options with flexible terms from 6 months to 10 years designed to fit your retirement needs.
  
• Very competitive interest rates.
• No annual service charge.
• Tax deferred earnings.
• Low minimum opening deposit.
• FDIC insured.
• Easy transfers from your existing IRA currently at another Financial Institution to Trustco.

TRADITIONAL IRA

• Contributions may be tax deductable.
• Earnings are tax deferred while accruing in your account.

ROTH IRA

• Qualified Withdrawals are tax free and exempt from 10% IRS Penalty.
• Contributions may continue after age 70 1/2.
• Withdrawals not required during lifetime of owner.

SIMPLIFIED EMPLOYMENT PENSION (SEP)

A Trustco SEP is a tax-deductible retirement fund for businesses that provides tax deferred benefits for employers and employees. Employers may contribute up to the lesser of the contribution amount determined by the IRS or 25% of compensation for each eligible employee. The compensation limit is determined by the IRS. Talk to your Trustco banker about this innovative pension program for your business.

SAVINGS INCENTIVE MATCH PLANS FOR EMPLOYEES (SIMPLE)

A Trustco SIMPLE is an inexpensive retirement plan that a small business owner may set up, even if the business has no employees other than the owner. Additionally, employers must also make contributions for eligible employees based on a matching or non-elective contribution forumula.

• Employees may elect to defer up to 100% of their compensation, but no more than a certain dollar amount per year based on age.
• Annual reporting to the IRS is not required from employers of SIMPLE IRA plans.
• Distributions from SIMPLE IRAs are taxed under rules generally applicable to Traditional IRA distributions.
• Distributions may be rolled over or transferred to a SIMPLE IRA. After two years of participation, SIMPLE IRA distributions may be rolled over to a Traditional IRA or converted to a Roth IRA.

COVERDELL EDUCATION SAVINGS ACCOUNT

• Non-deductible contributions.
• Tax free withdrawals/earnings for Designated Beneficiary.
• May be rolled over to a new beneficiary.

HEALTH SAVINGS ACCOUNT (HSA)

• Tax-incentive account established to pay for qualified medical expenses for individuals covered under a High Deductable Health Plan (HDHP).
• Employers may directly deposit contributions.
• Competitive interest bearing account with use of an HSA Check Card or checks. (first box of checks are free) and free Online Banking.
• FDIC Insured
• No minimum balance requirement.
• No monthly service charges.

For more information about these Retirement and Savings Accounts stop into any one of our over 100 locations, or call (800) 670-3110

Please note: We reserve the right to alter or withdraw these products or certain features thereof without prior notification. Consult your tax advisor concerning the tax consequences and benefits of these products.