Share Insurance

The National Credit Union Administration (NCUA) covers every Fire Police City County FCU members' deposit with federal deposit insurance that is backed by the full faith and credit of the United States government. This insurance is for at least $250,000 on share deposits, with an additional $250,000 in coverage for certain retirement accounts. In addition, your Credit Union provides private insurance through Excess Share Insurance Corporation (ESI), a property and casualty insurance company licensed in the State of Ohio. ESI provides up to $250,000 additional protection on member share accounts plus an additional $250,000 on Individual Retirement Accounts. By adding this coverage to our primary insurance limits, you can take comfort in knowing your funds are safe and secure with Fire Police City County FCU.

Further information is available at NCUA and ESI.

 


Investments


Share Certificates

  • Time accounts with the term you select
  • Higher rate of return on your investment
  • Minimum $500 Investment
  • Contact Us for our Great Share Certificate Rates
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Traditional IRA

Contributions
  • Earned Income
  • Prior to the age of 70½ years
  • Modified Adjusted Gross Income cannot exceed certain limits.
  • Higher limit if age 50 or older.
  • Contributions for each year can be made until the tax filing deadline in the following year (not including extensions).

Tax Year Annual Contribution Limit Additional "Catch-Up" Contribution for
owners age 50 and older
2014-2015 $5,500 $1,000 ($6,500 total)

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Roth IRA

Contributions
  • Earned Income.
  • No Age Restrictions.
  • Modified Adjusted Gross Income cannot exceed certain limits.
  • Higher limit if age 50 or older.
  • Contributions for each year can be made until the tax filing deadline in the following year (not including extensions).
Tax Year Annual Contribution Limit Additional "Catch-Up" Contribution for
owners age 50 and older
2014-2015 $5,500 $1,000 ($6,500 total)

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Coverdell Education Savings Account

Contributions
  • Does Not Require Earned Income
  • Whether or not a contribution is made to a qualified state union program for the child.
  • The maximum contribution is $2,000 per child.
  • Modified Adjusted Gross Income of the contributor cannot exceed certain limits.
  • Contributions for each year can be made until the tax filing deadline in the following year (not including extensions).
  • Limit applies to all Education Savings Accounts for the same child.
  • Contributions may not be made to a Coverdell ESA after the designated beneficiary’s 18th birthday, except in the case of a special needs beneficiary.
Withdrawals
  • The responsible individual may take tax-free distributions from a Coverdell ESA to pay for elementary, secondary or post-secondary education expenses at an eligible educational institution.

    Qualified Higher Education Expenses are:
    • Tuition, fees, books, supplies, and equipment required for the enrollment or attendance of the designated beneficiary at an eligible higher education institution.
    • Room and board are also eligible expenses if the student is enrolled at least half-time.

    Higher education expenses must be reduced by:
    • A qualified scholarship which is excludable from gross income.
    • An educational assistance allowance.

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Health Savings Accounts

What are Health Savings Accounts?

You may have been hearing about Health Savings Accounts (HSAs) in the news as a way for individuals to pay for health care costs. But what are Health Savings Accounts?

HSAs are individual accounts which allow you to use pre-tax dollars to pay for future medical expenses. You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Distributions from your HSA are tax-free if they are used for qualified medical expenses. HSAs are designed specifically for individuals who have chosen a high-deductible health plan (HDHP).

To learn more, Contact Us for one of our HSA specialists.

Tax Year Single Coverage Contribution Annual Limit (Monthly Limit) Family Coverage Contribution Annual Limit (Monthly Limit) Over 55 Catch-Up Contributions
2013 $3,250 ($3,250/12) $6,450 ($6,450/12) $1,000 ($1,000/12)
2014 $3,300 ($3,300/12) $6,550 ($6,550/12) $1,000 ($1,000/12)
2015 $3,350 ($3,350/12) $6,650 ($6,560/12) $1,000 ($1,000/12)

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