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Visit our secure IRA Service Center. Here you'll find information about different IRAs, calculators and beneficiary planners, as well as the application for each type of IRA LCEF offers.
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Did You Know?
You can transfer funds from another institution to an LCEF IRA.
Individual Retirement Account (IRA)
By investing your retirement funds with LCEF, you know exactly where your money is and how it's being used. Your investments work for LCMS ministries before it goes to work for you in retirement or for education expenses.
The IRA choices LCEF offers include:
- Traditional IRA: Contributions are made pre-tax. Unlike some retirement plans that require you to work a certain number of years before the funds are yours, an LCEF IRA is 100% yours from the beginning and you may make withdrawals at any time (withdrawals before age 59½ are currently subject to a 10% IRS penalty however). Read the Traditional IRA brochure.
- Roth IRA: The investment grows tax-free and under certain situations distributions are tax free after five years. There are contribution limits, depending on income and other IRA investments made during the year. Minimum distributions are not required at age 70½. Read the Roth IRA brochure.
- Coverdell Education Savings Account: Distributions from this IRA are tax-free for qualified elementary, secondary or higher education costs, which can include tuition, computer equipment, room and board, etc., including those for Lutheran schools. Read the Coverdell Education Savings Account brochure.
LCEF offers term notes with a 20-day grace period at maturity. Should you need to make a change to the amount or length of the investment term, you have 20 calendar days after the maturity date to do so without incurring a penalty.
Note: The IRA Dedicated Certificate is not available to investors living in South Carolina.
For complete disclosure information about LCEF, see the Offering Circular or request a copy by calling 800-843-5233.
Fees may be charged for customer-initiated special service requests.
| IRA Rates | May 2013 Rates | |||
| Minimum | Term | Rate | APY * | Penalty ** |
|---|---|---|---|---|
| Term Note - Fixed | ||||
| $500.00 | 6 months | 0.125% | 0.125% | 90 days of interest |
| $500.00 | 9 months | 0.250% | 0.250% | 90 days of interest |
| $500.00 | 1 year | 0.375% | 0.376% | 90 days of interest |
| $500.00 | 18 months | 0.500% | 0.501% | 90 days of interest |
| $500.00 | 2 years | 0.625% | 0.626% | 90 days of interest |
| $500.00 | 3 years | 0.875% | 0.878% | 120 days of interest |
| $500.00 | 4 years | 1.250% | 1.256% | 180 days of interest |
| $500.00 | 5 years | 1.250% | 1.256% | 180 days of interest |
| Term Note - Floating | ||||
| $100.00 | 30 months | 0.350% | 0.350% | 120 days of interest |
| $100.00 | 60 months | 0.800% | 0.802% | 180 days of interest |
| IRA Dedicated Certificate | ||||
| $100.00 | --- | 0.250% | 0.250% | |
| $1,000.00 | --- | 0.375% | 0.376% | |
| $5,000.00 | --- | 0.500% | 0.501% | |
| $10,000.00 | --- | 0.750% | 0.752% | |
| Jumbo Note - Fixed | ||||
| $100,000.00 | 5 years | 1.625% | 1.635% | 180 days of interest |
| Jumbo Note - Floating | ||||
| $100,000.00 | 60 months | 1.175% | 1.180% | 180 days of interest |
* APY is the annual percentage yield, representing the effective rate of interest when all principal and interest payments are retained in the investment balance.
** Term notes issued/renewed prior to Oct. 1, 2012.
Penalty structure for Term Notes prior to Oct. 1, 2012
Show penalty structure.
| Term of Note | Interest Forfeited |
| 6 months — 2 years | 30 days interest |
| 30 months — 3 years | 60 days interest |
| 4 years — 10 years | 90 days interest |
| 11 years — 15 years | 120 days interest |
| 16 years — 20 years | 180 days interest |
Resources
Unsure about whether to open a traditional or a Roth IRA? This brochure may help.
Considering transferring an IRA to LCEF from another institution or a rollover from a Qualified Plan? Read our brochure on transfers and rollovers.
For assistance in completing the necessary forms or if you have any questions, please call 800-843-5233.
IRA Forms
Find the forms you need to open an IRA or service an existing IRA with LCEF at our IRA Service Center.
Consult Your Tax Advisor
Neither LCEF nor its representatives give legal, accounting, or tax advice. We always suggest that you consult with your tax advisor as to the applicability of this information to your own situation.
For assistance in completing the necessary forms or have any questions, please call 800-843-5233.
UMB Bank n.a. serves as the custodian of the LCEF IRA/HSA Programs.