At the start of every year the Required Minimum Distribution (RMD) for the current year is calculated and provided to our members are age 73 or above and have a Traditional IRA Account. The RMD amount can be found online by logging into the credit union's Online Banking and clicking on the Traditional IRA account and navigating to Account Details.
The RMD can be taken at any time during the year up until Dec. 31. The form to do so is located on our website, merckcu.com. Do not login but go to Services, Online Account Services, and click on the Traditional IRA withdrawal form. This DocuSign form will be processed upon receipt during normal business hours.
The RMD can be set up automatically by completing the DocuSign RMD Election form. This form is found in the same location as the above-mentioned Traditional IRA Withdrawal form.
The Credit Union can process Federal Withholding and the standard withholding is 10% but members can elect whatever amount is appropriate for their financial situation.
If you are turning 73 this year, the RMD is self-directed, meaning unless you sign the RMD Election form, to set up distributions automatically, the RMD will not be taken. It is your responsibility to process the request from the Credit Union or take the RMD amount from another financial institution where you have an IRA account.
If there are any questions, please feel free to contact me at 732-484-4636 or pzepka@merckefcu.com and sending blessings for a healthy and peaceful New Year.
Pamela Zepka
IRA Manager
