IRA Accounts
If saving for retirement or an education is part of your plan, Parkvale has an account to fit your needs. No matter your income level, you can usually benefit from an IRA’s tax-deferred earnings growth.

Simply open any of the following accounts, then meet with a Parkvale investment specialist, who can help you invest the funds in your IRA to meet your goals.

Traditional IRAs - Your contributions grow tax-deferred and may be tax-deductible.*
Roth IRAs - Contributions are made with after-tax dollars; qualified distribution of earnings may be tax-free.*
Education IRAs - Earnings and withdrawals are tax-free* for qualified educational expenses. Contributions may be made every year on behalf of a child until he or she reaches age 18.
Workplace Retirement Plans - Funds you’ve accumulated in an employer’s plan can continue to grow tax-deferred by rolling them into a Traditional IRA.
SEP IRA - A simplified employee pension(SEP) IRA allows an employer to make contributions toward his or her own retirement fund (if self-employed) or employees’ retirement fund, without becoming involved in more complex retirement plans.

IRA Passbook
Make regular deposits to an IRA passbook account, which earns a guaranteed rate of interest. When your balance warrants it, roll the funds into a higher yielding IRA certificate of deposit.

* Please consult a tax advisor for advice regarding your particular situation.

In addition to helping you put money away for retirement, IRAs are a great way to cut your current taxes. IRAs often allow you to defer taxes until you retire, when you will probably be in a lower tax bracket. The chart below shows how much you could save in taxes each year with an IRA.

IRA Potential Tax Savings Chart

Taxes Saved

IRA Deductible Contribution Amount	15 % Tax Bracket Savings	28 % Tax Bracket Savings	31 % Tax Bracket Savings	36 % Tax Bracket Savings	39.6 % Tax Bracket Savings
$ 500	$ 75	$ 140	$ 155	$ 180	$ 198
$ 1,000	$ 150	$ 280	$ 310	$ 360	$ 396
$ 2,000	$ 300	$ 560	$ 620	$ 720	$ 792
$ 2,250	$ 337	$ 630	$ 697	$ 810	$ 891
$ 4,000	$ 600	$ 1,120	$ 1,240	$ 1,440	$ 1,584

If You're Changing Employers, an IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just return this form or give us a call.

Take our Parkvale Bank IRA Test and find out if an IRA is right for you. Then call one of our customer service representatives today at 412-373-4830.

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Page updated 06/29/05