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Spring Extra Credit 2018

UVA Community Credit Union

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Charlottesville Postal Federal Credit Union Merged with UVA Community Credit Union

“We are pleased to welcome Charlottesville Postal FCU members to the UVA Community Credit Union family and we look forward to helping them attain their financial goals,” said Alison DeTuncq, President/CEO of UVA Community Credit Union, “We invite our new members to take advantage of our extensive products and services including online and mobile services, free financial education programs, and investment services.”

Learn more about the merger with CPFCU.











May 23, Annual Meeting at DoubleTree

The Credit Union's annual meeting is our chance to report to you, our member-owners, on the progress we've made this year in building an ever-stronger, more vibrant, and more responsive financial institution.

Highlights include:

  • A 2017 performance overview and our plans for the rest of 2018
  • Vote for volunteer members to our board of directors
  • Meet the recipients of our annual high school scholarship program
  • After the meeting, enjoy light refreshments
  • Door prizes! Be sure to arrive early so you can register
  • Meet fellow members and Credit Union staff

Location: DoubleTree Hotel, 990 Hilton Heights Road, Charlottesville, VA 22901                                              

Time: The event starts at 6 p.m.

 Did you know?










April is Youth Financial Literacy Month

In 2004, the United States Senate designated April as Financial Literacy for Youth Month. Here at the Credit Union, in addition to year-round financial education seminars for adults, we have financial educational resources designed for young adults on everything from handling money, buying a car, acing the job interview to dealing with debt.

Bookmark the It’s a Money Thing web page on our website today and check back monthly for new lessons.

Are you an educator? Complete the order form for additional FREE resources including presentations, infographics, and handouts for your students to bring financial education to the classroom.


How-To Tips Provided by Member Wealth Management



Consider a Roth for Tax-Free Retirement Income

Contributing to a traditional IRA or an employer-sponsored retirement plan may offer a current-year tax benefit by reducing taxable income. However, distributions — including any earnings — are taxed as ordinary income.

By contrast, contributions to a Roth IRA or a designated Roth account in an employer retirement plan do not reduce current income, but qualified withdrawals — including any earnings — are generally free of federal income tax as long as they meet certain conditions. Moreover, contributions to a Roth IRA (but not earnings) can be withdrawn tax-free and penalty-free at any time, for any reason.

Repositioning Your Savings

If you have a traditional IRA but prefer the advantages of a Roth, you can open a Roth IRA and make contributions to either or both accounts, subject to the combined annual contribution limit.

You could also convert all or part of your traditional IRA assets to a Roth IRA. Contributions to an employer's retirement plan can be converted to a designated Roth account if in-plan conversions are allowed.

Conversions of assets to a Roth account are subject to federal income tax in the year of conversion. Under current tax law and if all conditions are met, the Roth account will incur no further income tax liability for the rest of your lifetime, or for the lifetimes of your designated beneficiaries, regardless of any account growth.

The prospect of a substantial tax bill can be daunting, but paying taxes now may be a worthwhile tradeoff for potential tax-free earnings growth and tax-free income in retirement. And because you do not have to take required minimum distributions (RMDs) from a Roth IRA, you have more flexibility when taking withdrawals.

To make the tax liability of a Roth conversion more manageable, you could spread out smaller conversions over several years. If you change your mind, you can reverse a Roth IRA conversion through recharacterization, generally by October 15 of the year following the tax year of the conversion. You cannot recharacterize an in-plan conversion of assets in an employer-sponsored plan.

Contribution and Distribution Rules

Eligibility to contribute to a Roth IRA phases out at higher income levels. (Income limits also apply for tax-deductible contributions to a traditional IRA if you're an active participant in an employer plan.) IRA contributions for 2017 can be made up to the April 2018 tax filing deadline; however, employer-plan contributions and Roth IRA conversions for 2017 must be made by December 31.

To qualify for a tax-free and penalty-free withdrawal of earnings, distributions from a Roth IRA or a Roth employer plan account must meet a five-year holding requirement and take place after age 59½ (with some exceptions). The earnings portion of a nonqualified distribution is subject to ordinary income tax and a 10% tax penalty, unless an exception applies.

Assets converted to a Roth IRA can be withdrawn tax-free at any time, but amounts taxed at the time of conversion must meet a five-year holding period for each conversion; if not, withdrawals may be subject to a 10% penalty unless you're age 59½ or another exception applies.

RMDs from traditional IRAs and employer-sponsored retirement plans (including Roth accounts) must start in the year you turn 70½. Beneficiaries of all IRAs and employer plans generally must start taking RMDs in the year after the original account owner's death.

It may be wise to consult a tax professional regarding Roth conversions, recharacterizations, and distributions.

For more information or to schedule an appointment with a Member Wealth Management Representative, please call 434-964-2001 ext 3074.


This information is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions.  © 2017 Broadridge Investor Communication Solutions, Inc. The Standard & Poor's 500 index is an unmanaged group of securities that is widely recognized as representative of the U.S. stock market in general. You cannot invest directly in an unmanaged index and do not actually own any shares of an index. Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC: 222 Central Park Ave Suite 1100 Virginia Beach VA 23462 (757) 490-9041. Member Wealth Management is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies.



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