CorePlus Credit Union

Coronavirus (COVID-19) Update:  All CPCU branch lobbies are closed. All drive-up services are open for extended hours.  Click here for details

Coronavirus (COVID-19) Update for Credit Card Holders: FIS, our Credit Card servicer, currently has less staff available to assist with your call. Please expect longer than normal wait times when calling in.  Thank you for your patience.

Smart Banking. Community Trusted.

Rolling Over Funds from an Employer Retirement Savings Plan: What You Need to Know

CPCU February News Letter

Why consider a rollover?


When you roll over a distribution from a 401(k), 403(b), or governmental 457(b) plan, you generally don’t pay any taxes until you receive a distribution from the new plan or IRA. If you take a distribution but don’t roll it over, it will be subject to federal (and possibly state) income taxes (except for any after-tax contributions you’ve made); and if you haven’t yet reached age 59½, you may also be subject to a 10% early distribution penalty tax unless you’re eligible for an exception.1 If you take a cash distribution, you’re also foregoing any further tax-advantaged growth; and if you spend the funds, you may not have sufficient assets to last
throughout retirement.


Download the FULL ARTICLE HERE

 

                                                              CPCU Financial Services





News & Events

Rapid Refi

Rapid Refi New Lower Rate!

New Lower Rate Saves Even More! Pay off an existing mortgage faster with our Rapid Refi Mortgage program, with lower fixed rates and accelerated terms saving you thousands of dollars. Be mortgage-free sooner!

Read More »
Scroll to Top

Before You Apply!

If you are not currently a member you must live, work or worship 
in New London County or Windham County to be considered for this loan request.