Due to the recent COVID-19 spike, we have decided to begin temporarily shutting down access to Greylock Federal Credit Union branch lobbies and Greylock Insurance Agency offices for the safety of our members and employees. Click here for more details.
We offer Individual Retirement Account investments as a safe way to meet your retirement needs.
A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax-deductible in the year they are made. Consult your tax advisor for further information.
If an IRA is composed entirely of one or more rollovers from a qualified pension plan, it may, at a later date be rolled back into a qualified pension plan. You can do this with our Rollover IRA. You can open a Rollover IRA and we will handle the Direct Rollover request from your employer. Consult your tax advisor for further information.
A Roth IRA allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period. The term "tax-free" means free from federal income taxes. Consult your tax advisor for further information.
The Coverdell Education Savings Account (CESA) is a nondeductible account that features tax-free withdrawals for a very specific purpose - a child's education expenses. Higher education distributions are also permitted from these accounts, but while qualified higher education distributions from a traditional or Roth IRA are only penalty tax-free, the same distributions from a CESA are penalty-free and federal income tax-free. Consult your tax or legal professional for further information regarding state or local income taxes.