The Roth IRA was created by Congress in 1997 and named after senate Finance Committee Chairman, William Roth.  Although similar in many aspects to the traditional IRA, it offers some unique benefits.

• Once a Roth accountholder's account has been opened for 5 years and the depositor has reached 59 1/2 - all withdrawals (including earnings) are tax free. There are some exceptions to this rule.  If you want further information, contact us as shown below.
• A customer can open and contribute to a Roth IRA whether or not he or his spouse are covered by another retirement plan.
• Contributions can be made at any age as long as the depositor has "earned income"
• No mandatory distributions regardless of age.

    Whether a Roth IRA is right for you depends on your individual circumstances.  You should consult an accountant or other tax advisor to find out if the Roth is right for you.

    If you want more information about the Roth, please contact our retirement department at (410)377-4330 or E-mail us by clicking here.

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Last modified: November 22, 2006