Required Minimum Distributions (RMDs) are minimum amounts that an EECU Traditional IRA account owner must withdraw annually from their EECU IRA once they reach a certain age. You must begin receiving distributions from your EECU Traditional IRA starting the tax year you attain age 73 (70 ½ if you were born on or before June 30, 1949, Age 72 prior to 2023 and on or after July 1, 1949, and increases to age 75 in 2033).
The RMD amount is calculated by dividing the prior December 31st balance of the EECU Traditional IRA, by the EECU Traditional IRA account owner’s life expectancy factor for the year, published by the IRS in Publication 590-B, available on the IRS website.
You are allowed to withdraw more than your RMD if you choose to.
RMDs do not apply to Roth IRAs.
Please call us at 800-538-3328, email us at IRAdesk@myeecu.org, or visit your nearest EECU branch for assistance or questions with RMDs.
We do have an option to set your RMD withdrawal up to occur automatically for you generally on December 1st annually, or in monthly increments on the 1st of each month . Please call us for help with setting this up. However, you are still required to ensure your RMD is completed on time and accurately every year.