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Securing Your Future With An
Individual Retirement Account
At Gibraltar

An individual retirement account ( IRA ) is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. There are tax advantages and specific rules that govern IRAs, which are set by the Internal Revenue Service ( IRS ) and may be found in their Publication 590, Individual Retirement Arrangements.

You may open Traditional IRAs and Roth IRAs with us. A Gibraltar IRA is a Plan into which contributions are invested into Gibraltar Time Deposit ( CD ) accounts, to which Gibraltar is the Trustee, as per a Trust Agreement. As a Member of the FDIC, your retirement funds at Gibraltar are cumulatively insured up to $250,000 by the Federal Deposit Insurance Corporation, the maximum permitted by law as of April 2006, certainly a secure investment for your future retirement.

IRA Rollovers

If you're changing employers, an IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you may avoid IRS withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
If you are not earning enough on another retirement plan, an IRA Rollover Makes Sense Too. The IRS allows Rollovers of IRA Funds or Qualified Retirement Money from another institution or financial intermediary as a Rollover Contribution, Direct Rollover Plan or Trustee Transfer.
You have a limited time window to complete the rollover from the date you receive the assets from your old IRA in order to qualify and not pay mandatory withholding tax and possibly other IRS penalties as well.

You are strongly urged to consult your tax advisor on IRAs: their current and future effects on your tax liability; whether you may Rollover a retirement account and when; if you need to withdraw funds from a retirement fund, the consequences of the withdrawal, including whether an IRS penalty will be imposed.

Your management of a retirement fund should also take into account that penalties may be imposed by the institution from which you are withdrawing or transferring funds, depending on the type of account your funds are invested in.

Penalties associated with early distributions (imposed by the IRS) and early withdrawals of Principal (imposed by the Bank) are separate and distinct from each other. The imposition of one penalty is not dependent on the other and the deferral of one does not negate the imposition of the other.

For more information about IRA Rollovers or opening a new IRA just give us a call at 1-888-GSB(472)-1819.