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Individual Retirement Account (IRA)

State Employees' Credit Union offers an Individual Retirement Account (IRA) to assist you in retirement planning. Three types of IRAs are available: Roth, Traditional and Simplified Employee Pension (SEP).


  • Current interest rate is % / % APY1
  • $ minimum opening deposit
  • $25 required minimum balance
  • Dividends compounded daily, paid monthly
  • No charge to open or service2 the account
  • Monthly statement
  • Contributions not required
  • Recurring funds transfer available for contributions
  • Accessible via Member Access, ASK SECU, branch and SECU Contact Center


  • Funds may not be borrowed or used as security for a loan
  • 6% non-deductible Federal excise penalty for excess contributions
  • Withdrawals available via branch and Contact Center only
  • Debits from IRA accounts are subject to limitations as defined in Regulation D
IRA Comparison
     Roth Traditional SEP
  • Account holder or spouse must have earned income
  • No age limits
  • Accountholder must have earned income
  • Maximum contributing age limit of 70 ½
  • Employer completes and signs written agreement by tax return date, providing a copy to the employee
  • Eligible employees open SEP at institution of choice
  • Employer determines contribution percentage
  • No age limit for contributions on behalf of employee
Lesser of annual IRS limit or amount based on account holder's MAGI Lesser of annual IRS limit or 100% of earned income Cannot exceed 25% of employee's income up to compensation cap
Distributions Withdraw regular contributions tax and penalty-free at any time May begin at age 59 ½ with no penalty; required to begin at age 70 ½ May begin at age 59 ½ with no penalty; required to begin at age 70 ½
  • Contributions can be made at any age
  • Contributions can be withdrawn tax-free at any time
  • Earnings are tax-free for all qualified withdrawals
  • No required distributions after retirement
  • Possible tax deductible contributions
  • Earnings on contributions grow tax-deferred
  • May be converted to a Roth IRA pending certain criteria are met
  • Allows small businesses to provide pension coverage to employees at no administrative cost
  • Self-employed can provide for own retirement

For complete details including account descriptions, terms and conditions, please review the IRA Services Brochure.

You may apply for an IRA online via Member Access.

1 Quoted rates and annual percentage yields (APY) are subject to change daily.
2 A service fee of $ will be charged if the account balance falls below $25.
*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.