INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT
Form 5305-A under section 408(a) of the Internal Revenue Code.

The depositor named on the application is establishing a Traditional
individual retirement account under section 408(a) to provide for his or
her retirement and for the support of his or her beneficiaries after death.
The custodian named on the application has given the depositor thedisclosure statement required by Regulations section 1.408-6.
The depositor has assigned the custodial account the sum indicated on theapplication.
The depositor and the custodian make the following agreement:

ARTICLE I

Except in the case of a rollover contribution described in section 402(c),403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution to asimplified employee pension plan as described in section 408(k) or arecharacterized contribution described in section 408A(d)(6), the custodian
will accept only cash contributions up to $5,500 per year for tax years 2013
through 2017. For individuals who have reached the age of 50 by the end of
the year, the contribution limit is increased to $6,500 per year for tax years
2013 through 2017. For years after 2017, these limits will be increased toreflect a cost-of-living adjustment, if any.

ARTICLE II

The depositor’s interest in the balance in the custodial account is
nonforfeitable.

ARTICLE III

1. No part of the custodial account funds may be invested in life insurance
contracts, nor may the assets of the custodial account be commingledwith other property except in a common trust fund or common
investment fund (within the meaning of section 408(a)(5)).
2. No part of the custodial account funds may be invested in collectibles(within the meaning of section 408(m)) except as otherwise permitted
by section 408(m)(3), which provides an exception for certain gold, silver,
and platinum coins, coins issued under the laws of any state, and certain
bullion.

ARTICLE IV

1. Notwithstanding any provision of this agreement to the contrary, thedistribution of the depositor’s interest in the custodial account shall bemade in accordance with the following requirements and shall otherwise
comply with section 408(a)(6) and the regulations thereunder, theprovisions of which are herein incorporated by reference.
2. The depositor’s entire interest in the custodial account must be, or begin
to be, distributed not later than the depositor’s required beginning date,
April 1 following the calendar year in which the depositor reaches age
70½. By that date, the depositor may elect, in a manner acceptable tothe custodian, to have the balance in the custodial account distributedin: (a) A single sum or (b) Payments over a period not longer than the lifeof the depositor or the joint lives of the depositor and his or her
designated beneficiary.
3. If the depositor dies before his or her entire interest is distributed to him
or her, the remaining interest will be distributed as follows:(a) If the depositor dies on or after the required beginning date and:(i) the designated beneficiary is the depositor’s surviving spouse, theremaining interest will be distributed over the surviving spouse’slife expectancy as determined each year until such spouse’s
death, or over the period in paragraph (a)(iii) below if longer. Anyinterest remaining after the spouse’s death will be distributed
over such spouse’s remaining life expectancy as determined in theyear of the spouse’s death and reduced by one for each
100 (Rev. 5/2023)

FORM (Rev. April 2017)

subsequent year, or, if distributions are being made over theperiod in paragraph (a)(iii) below, over such period.
(ii) the designated beneficiary is not the depositor’s surviving
spouse, the remaining interest will be distributed over the
beneficiary’s remaining life expectancy as determined in theyear following the death of the depositor and reduced by one foreach subsequent year, or over the period in paragraph (a)(iii)
below if longer.
(iii) there is no designated beneficiary, the remaining interest will be
distributed over the remaining life expectancy of the depositor
as determined in the year of the depositor’s death and reduced
by one for each subsequent year.
(b) If the depositor dies before the required beginning date, theremaining interest will be distributed in accordance with paragraph(i) below or, if elected or there is no designated beneficiary, in
accordance with paragraph (ii) below.
(i) The remaining interest will be distributed in accordance withparagraphs (a)(i) and (a)(ii) above (but not over the period inparagraph (a)(iii), even if longer), starting by the end of thecalendar year following the year of the depositor’s death. If,
however, the designated beneficiary is the depositor’ssurviving spouse, then this distribution is not required to begin
before the end of the calendar year in which the depositor
would have reached age 70½. But, in such case, if thedepositor’s surviving spouse dies before distributions are
required to begin, then the remaining interest will be
distributed in accordance with paragraph (a)(ii) above (but notover the period in paragraph (a)(iii), even if longer), over suchspouse’s designated beneficiary’s life expectancy, or inaccordance with paragraph (ii) below if there is no suchdesignated beneficiary.
(ii) The remaining interest will be distributed by the end of thecalendar year containing the fifth anniversary of the depositor’s
death.
4. If the depositor dies before his or her entire interest has been
distributed and if the designated beneficiary is not the depositor’ssurviving spouse, no additional contributions may be accepted in theaccount.
5. The minimum amount that must be distributed each year, beginningwith the year containing the depositor’s required beginning date, isknown as the “required minimum distribution” and is determined asfollows.
(a) The required minimum distribution under paragraph 2(b) for any
year, beginning with the year the depositor reaches age 70½, is thedepositor’s account value at the close of business on December 31of the preceding year divided by the distribution period in theuniform lifetime table in Regulations section 1.401(a)(9)-9.
However, if the depositor’s designated beneficiary is his or her
surviving spouse, the required minimum distribution for a year
shall not be more than the depositor’s account value at the closeof business on December 31 of the preceding year divided by the
number in the joint and last survivor table in Regulations section
1.401(a)(9)-9. The required minimum distribution for a year under
this paragraph (a) is determined using the depositor’s (or, if
applicable, the depositor and spouse’s) attained age (or ages) inthe year.

(b) The required minimum distribution under paragraphs 3(a) and3(b)(i) for a year, beginning with the year following the year of thedepositor’s death (or the year the depositor would have reachedage 70½, if applicable under paragraph 3(b)(i)) is the account value
at the close of business on December 31 of the preceding year
divided by the life expectancy (in the single life table in Regulations
section 1.401(a)(9)-9) of the individual specified in suchparagraphs 3(a) and 3(b)(i).

We may permit you to appoint, through written notice acceptable
to us, an authorized agent to act on your behalf with respect tothis agreement (e.g., attorney-in-fact, executor, administrator,
investment manager), but we have no duty to determine thevalidity of such appointment or any instrument appointing such
authorized agent. We will not be responsible for losses of any kindthat may result from directions, actions, or failures to act by yourauthorized agent, and you agree to reimburse us for any loss wemay incur as a result of such directions, actions, or failures to act
by your authorized agent.

(c) The required minimum distribution for the year the depositor
reaches age 70½ can be made as late as April 1 of the following
year. The required minimum distribution for any other year must
be made by the end of such year.

You will have 60 days after you receive any documents, statements,
or other information from us to notify us in writing of any errors or
inaccuracies reflected in these documents, statements, or otherinformation. If you do not notify us within 60 days, the documents,
statements, or other information will be deemed correct andaccurate, and we will have no further liability or obligation for such
documents, statements, other information, or the transactions
described therein.

6. The owner of two or more Traditional IRAs may satisfy the minimum
distribution requirements described above by taking from one
Traditional IRA the amount required to satisfy the requirement foranother in accordance with the regulations under section 408(a)(6).

ARTICLE V

1. The depositor agrees to provide the custodian with all informationnecessary to prepare any reports required by section 408(i) andRegulations sections 1.408-5 and 1.408-6.

By performing services under this agreement we are acting as youragent. You acknowledge and agree that nothing in this agreement
will be construed as conferring fiduciary status upon us. We will
not be required to perform any additional services unlessspecifically agreed to under the terms and conditions of thisagreement, or as required under the Code and the regulations
promulgated thereunder with respect to IRAs. You agree toindemnify and hold us harmless for any and all claims, actions,proceedings, damages, judgments, liabilities, costs, and expenses,
including attorney’s fees arising from or in connection with thisagreement.

2. The custodian agrees to submit to the Internal Revenue Service (IRS) anddepositor the reports prescribed by the IRS.

ARTICLE VI

Notwithstanding any other articles which may be added or incorporated,
the provisions of Articles I through III and this sentence will be controlling.
Any additional articles inconsistent with section 408(a) and the related
regulations will be invalid.

ARTICLE VII

This agreement will be amended as necessary to comply with theprovisions of the Code and the related regulations. Other amendments
may be made with the consent of the persons whose signatures appear
on the application.

ARTICLE VIII
8.01

Definitions – In this part of this agreement (Article VIII), the words“you” and “your” mean the depositor. The words “we,” “us,” and“our” mean the custodian. The word “Code” means the Internal
Revenue Code, and “regulations” means the Treasury regulations.

8.02

Notices and Change of Address – Any required notice regarding
this IRA will be considered effective when we send it to theintended recipient at the last address that we have in our records.
Any notice to be given to us will be considered effective when we
actually receive it. You, or the intended recipient, must notify us ofany change of address.

8.03

Representations and Responsibilities – You represent and warrant
to us that any information you have given or will give us with respect
to this agreement is complete and accurate. Further, you agree thatany directions you give us or action you take will be proper under
this agreement, and that we are entitled to rely upon any suchinformation or directions. If we fail to receive directions from you
regarding any transaction, if we receive ambiguous directions
regarding any transaction, or if we, in good faith, believe that any
transaction requested is in dispute, we reserve the right to take noaction until further clarification acceptable to us is received from youor the appropriate government or judicial authority. We will not be
responsible for losses of any kind that may result from yourdirections to us or your actions or failures to act, and you agree toreimburse us for any loss we may incur as a result of such directions,actions, or failures to act. We will not be responsible for any
penalties, taxes, judgments, or expenses you incur in connection
with your IRA. We have no duty to determine whether yourcontributions or distributions comply with the Code, regulations,rulings, or this agreement.

100 (Rev. 5/2023)

To the extent written instructions or notices are required under thisagreement, we may accept or provide such information in any
other form permitted by the Code or applicable regulations
including, but not limited to, electronic communication.
8.04

Disclosure of Account Information – We may use agents and/or
subcontractors to assist in administering your IRA. We may releasenonpublic personal information regarding your IRA to suchproviders as necessary to provide the products and services madeavailable under this agreement, and to evaluate our business
operations and analyze potential product, service, or process
improvements.

8.05

Service Fees – We have the right to charge an annual service feeor other designated fees (e.g., a transfer, rollover, or terminationfee) for maintaining your IRA. In addition, we have the right to be
reimbursed for all reasonable expenses, including legal expenses,
we incur in connection with the administration of your IRA. We
may charge you separately for any fees or expenses, or we may
deduct the amount of the fees or expenses from the assets in your
IRA at our discretion. We reserve the right to charge any additional
fee after giving you 30 days’ notice. Fees such as subtransfer agent
fees or commissions may be paid to us by third parties forassistance in performing certain transactions with respect to thisIRA.
Any brokerage commissions attributable to the assets in your IRA
will be charged to your IRA. You cannot reimburse your IRA for
those commissions.

8.06

Investment of Amounts in the IRA – You have exclusive
responsibility for and control over the investment of the assets ofyour IRA. All transactions will be subject to any and all restrictions
or limitations, direct or indirect, that are imposed by our charter,
articles of incorporation, or bylaws; any and all applicable federal
and state laws and regulations; the rules, regulations, customs andusages of any exchange, market or clearing house where thetransaction is executed; our policies and practices; and thisagreement. After your death, your beneficiaries will have the rightto direct the investment of your IRA assets, subject to the same
conditions that applied to you during your lifetime under thisagreement (including, without limitation, Section 8.03 of thisarticle). We will have no discretion to direct any investment in your
IRA. We assume no responsibility for rendering investment advice
with respect to your IRA, nor will we offer any opinion or judgment
to you on matters concerning the value or suitability of any
investment or proposed investment for your IRA. In the absence of
instructions from you, or if your instructions are not in a form
acceptable to us, we will have the right to hold any uninvested
amounts in cash, and we will have no responsibility to invest
uninvested cash unless and until directed by you. We will not
exercise the voting rights and other shareholder rights withrespect to investments in your IRA unless you provide timely
written directions acceptable to us.
You will select the investment for your IRA assets from thoseinvestments that we are authorized by our charter, articles ofincorporation, or bylaws to offer and do in fact offer for IRAs (e.g.,term share accounts, passbook accounts, certificates of deposit,
money market accounts.) We may in our sole discretion makeavailable to you additional investment offerings, which will belimited to publicly traded securities, mutual funds, money market
instruments, and other investments that are obtainable by us andthat we are capable of holding in the ordinary course of our business.
8.07

8.08

If you fail to request your required minimum distribution by yourrequired beginning date, we can, at our complete and sole
discretion, do any one of the following.

• Make no distribution until you give us a proper withdrawal
request• Distribute your entire IRA to you in a single sum payment• Determine your required minimum distribution from your IRA

each year based on your life expectancy, calculated using theuniform lifetime table in Regulations section 1.401(a)(9)-9, andpay those distributions to you until you direct otherwise

We will not be liable for any penalties or taxes related to yourfailure to take a required minimum distribution.
8.09

Beneficiaries – If you die before you receive all of the amounts inyour IRA, payments from your IRA will be made to yourbeneficiaries. We have no obligation to pay to your beneficiaries
until such time we are notified of your death by receiving a valid
death certificate.
You may designate one or more persons or entities as beneficiary of
your IRA. This designation can only be made on a form provided byor acceptable to us, and it will only be effective when it is filed withus during your lifetime. Each beneficiary designation you file with us
will cancel all previous designations. The consent of yourbeneficiaries will not be required for you to revoke a beneficiary
designation. If you have designated both primary and contingent
beneficiaries and no primary beneficiary survives you, thecontingent beneficiaries will acquire the designated share of your
IRA. If you do not designate a beneficiary or if all of your primary andcontingent beneficiaries predecease you, your estate will be thebeneficiary.

If we so choose, for any reason (e.g., due to limitations of our charteror bylaws), we may require that a beneficiary of a deceased IRA
owner take total distribution of all IRA assets by December 31 of theyear following the year of death.
100 (Rev. 5/2023)

Termination of Agreement, Resignation, or Removal of Custodian –Either party may terminate this agreement at any time by giving
written notice to the other. We can resign as custodian at any timeeffective 30 days after we send written notice of our resignation toyou. Upon receipt of that notice, you must make arrangements totransfer your IRA to another financial organization. If you do notcomplete a transfer of your IRA within 30 days from the date we send
the notice to you, we have the right to transfer your IRA assets to a
successor IRA trustee or custodian that we choose in our sole
discretion, or we may pay your IRA to you in a single sum. We will
not be liable for any actions or failures to act on the part of any
successor trustee or custodian, nor for any tax consequences you
may incur that result from the transfer or distribution of your assets
pursuant to this section.
If this agreement is terminated, we may charge to your IRA areasonable amount of money that we believe is necessary to cover
any associated costs, including but not limited to one or more of thefollowing.

• Any fees, expenses, or taxes chargeable against your IRA• Any penalties or surrender charges associated with the early
withdrawal of any savings instrument or other investment inyour IRA

A spouse beneficiary will have all rights as granted under the Codeor applicable regulations to treat your IRA as his or her own.
We may allow, if permitted by state law, an original IRA beneficiary(the beneficiary who is entitled to receive distributions from an
inherited IRA at the time of your death) to name successor
beneficiaries for the inherited IRA. This designation can only bemade on a form provided by or acceptable to us, and it will only beeffective when it is filed with us during the original IRA beneficiary’s
lifetime. Each beneficiary designation form that the original IRA
beneficiary files with us will cancel all previous designations. The
consent of a successor beneficiary will not be required for theoriginal IRA beneficiary to revoke a successor beneficiary
designation. If the original IRA beneficiary does not designate asuccessor beneficiary, his or her estate will be the successor
beneficiary. In no event will the successor beneficiary be able toextend the distribution period beyond that required for the original
IRA beneficiary.

Required Minimum Distributions – Your required minimum
distribution is calculated using the uniform lifetime table inRegulations section 1.401(a)(9)-9. However, if your spouse is yoursole designated beneficiary and is more than 10 years younger
than you, your required minimum distribution is calculated eachyear using the joint and last survivor table in Regulations section
1.401(a)(9)-9.

If we are a nonbank custodian required to comply with Regulations
section 1.408-2(e) and we fail to do so or we are not keeping therecords, making the returns, or sending the statements as are
required by forms or regulations, the IRS may require us to
substitute another trustee or custodian.
We may establish a policy requiring distribution of the entirebalance of your IRA to you in cash or property if the balance of yourIRA drops below the minimum balance required under theapplicable investment or policy established.
8.10

Successor Custodian – If our organization changes its name,reorganizes, merges with another organization (or comes under
the control of any federal or state agency), or if our entire
organization (or any portion that includes your IRA) is bought byanother organization, that organization (or agency) willautomatically become the trustee or custodian of your IRA, but
only if it is the type of organization authorized to serve as an IRA
trustee or custodian.

8.11

Amendments – We have the right to amend this agreement at any
time. Any amendment we make to comply with the Code and related
regulations does not require your consent. You will be deemed tohave consented to any other amendment unless, within 30 days
from the date we send the amendment, you notify us in writing thatyou do not consent.
8.12

8.13

8.14

8.15

Withdrawals or Transfers – All requests for withdrawal or transfer
will be in writing on a form provided by or acceptable to us. The
method of distribution must be specified in writing or in any othermethod acceptable to us. The tax identification number of therecipient must be provided to us before we are obligated to make a
distribution. Withdrawals will be subject to all applicable tax andother laws and regulations, including but not limited to possible
early distribution penalty taxes, surrender charges, and withholding
requirements.
Transfers From Other Plans – We can receive amounts transferredto this IRA from the trustee or custodian of another IRA. In addition,
we can accept rollovers of eligible rollover distributions from
employer-sponsored retirement plans as permitted by the Code. We
reserve the right not to accept any transfer or direct rollover.
Liquidation of Assets – We have the right to liquidate assets in your
IRA if necessary to make distributions or to pay fees, expenses, taxes,
penalties, or surrender charges properly chargeable against your
IRA. If you fail to direct us as to which assets to liquidate, we will
decide, in our complete and sole discretion, and you agree to nothold us liable for any adverse consequences that result from ourdecision.
Restrictions on the Fund – Neither you nor any beneficiary may sell,transfer, or pledge any interest in your IRA in any mannerwhatsoever, except as provided by law or this agreement.
The assets in your IRA will not be responsible for the debts,
contracts, or torts of any person entitled to distributions under thisagreement.

8.16

What Law Applies – This agreement is subject to all applicable
federal and state laws and regulations. If it is necessary to apply any
state law to interpret and administer this agreement, the law of ourdomicile will govern.
If any part of this agreement is held to be illegal or invalid, theremaining parts will not be affected. Neither your nor our failure to
enforce at any time or for any period of time any of the provisions of
this agreement will be construed as a waiver of such provisions, oryour right or our right thereafter to enforce each and every suchprovision.

GENERAL INSTRUCTIONS
Section references are to the Internal Revenue Code unless otherwise noted.

PURPOSE OF FORM

Form 5305-A is a model custodial account agreement that meets therequirements of section 408(a). However, only Articles I through VII havebeen reviewed by the IRS. A Traditional individual retirement account(Traditional IRA) is established after the form is fully executed by both theindividual (depositor) and the custodian. To make a regular contribution toa Traditional IRA for a year, the IRA must be established no later than thedue date of the individual’s income tax return for the tax year (excluding
extensions). This account must be created in the United States for the
exclusive benefit of the depositor and his or her beneficiaries.
Do not file Form 5305-A with the IRS. Instead, keep it with your records.
For more information on IRAs, including the required disclosures thecustodian must give the depositor, see Pub. 590-A, Contributions to
Individual Retirement Arrangements (IRAs), and Pub. 590-B, Distributions
from Individual Retirement Arrangements (IRAs).

100 (Rev. 5/2023)

DEFINITIONS

Custodian – The custodian must be a bank or savings and loan association,
as defined in section 408(n), or any person who has the approval of the
IRS to act as custodian.
Depositor – The depositor is the person who establishes the custodial
account.

TRADITIONAL IRA FOR NONWORKING SPOUSE

Form 5305-A may be used to establish the IRA custodial account for a
nonworking spouse.
Contributions to an IRA custodial account for a nonworking spouse must be
made to a separate IRA custodial account established by the nonworking
spouse.

SPECIFIC INSTRUCTIONSArticle IV – Distributions made under this article may be made in a single
sum, periodic payment, or a combination of both. The distribution option
should be reviewed in the year the depositor reaches age 70½ to ensure thatthe requirements of section 408(a)(6) have been met.
Article VIII – Article VIII and any that follow it may incorporate additional
provisions that are agreed to by the depositor and custodian to complete
the agreement. They may include, for example, definitions, investment
powers, voting rights, exculpatory provisions, amendment and termination,
removal of the custodian, custodian’s fees, state law requirements,
beginning date of distributions, accepting only cash, treatment of excess
contributions, prohibited transactions with the depositor, etc. Attach
additional pages if necessary.

DISCLOSURE STATEMENTRIGHT TO REVOKE YOUR IRA

1. RMDs for 2023 and Beyond – Beginning in 2023, if you were bornin 1951 or later, you are required to take a minimum distribution
from your IRA for the year in which you reach age 73 and for eachyear thereafter. You must take your first distribution by yourrequired beginning date, which is April 1 of the year following theyear you attain age 73. The minimum distribution for any taxable
year is equal to the amount obtained by dividing the accountbalance at the end of the prior year by the applicable divisor.

If you send your notice by first class mail, your revocation will be deemedmailed as of the postmark date.

2. RMDs Prior to 2023 – If you were born before July 1, 1949, youwere required to take your first RMD from your IRA for the year inwhich you attained age 70½ and for each year thereafter. If you
were born on or after July 1, 1949, but before January 1, 1951, youwere required to take your first RMD from your IRA for the year inwhich you attained age 72 and for each year thereafter.

You have the right to revoke your IRA within seven days of the receipt ofthe disclosure statement. If revoked, you are entitled to a full return of thecontribution you made to your IRA. The amount returned to you would
not include an adjustment for such items as sales commissions,administrative expenses, or fluctuation in market value. You may make thisrevocation only by mailing or delivering a written notice to the custodianat the address listed on the application.

If you have any questions about the procedure for revoking your IRA, pleasecall the custodian at the telephone number listed on the application.

REQUIREMENTS OF AN IRA

A. Cash Contributions – Your contribution must be in cash, unless it is arollover contribution.
B. Maximum Contribution – The total amount you may contribute to an
IRA for any taxable year cannot exceed the lesser of 100 percent of
your compensation or $6,500 for 2023, with possible cost-of-living
adjustments each year thereafter. If you also maintain a Roth IRA (i.e.,an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.)
408A), the maximum contribution to your Traditional IRAs is reduced
by any contributions you make to your Roth IRAs. Your total annual
contribution to all Traditional IRAs and Roth IRAs cannot exceed thelesser of the dollar amounts described above or 100 percent of yourcompensation.
C. Contribution Eligibility – You are eligible to make a regular contribution
to your IRA for a tax year at any age if you have compensation for the
taxable year for which the contribution is made.
D. Catch-Up Contributions – If you are age 50 or older by the close of thetaxable year, you may make an additional contribution to your IRA. The
maximum additional contribution is $1,000 per year. This amount issubject to possible cost-of-living adjustments each year beginning in
tax year 2024.
E. Nonforfeitability – Your interest in your IRA is nonforfeitable.
F. Eligible Custodians – The custodian of your IRA must be a bank,savings and loan association, credit union, or a person or entity
approved by the Secretary of the Treasury.
G. Commingling Assets – The assets of your IRA cannot be commingledwith other property except in a common trust fund or common
investment fund.
H. Life Insurance – No portion of your IRA may be invested in life
insurance contracts.
I.

Collectibles – You may not invest the assets of your IRA in collectibles(within the meaning of IRC Sec. 408(m)). A collectible is defined as any
work of art, rug or antique, metal or gem, stamp or coin, alcoholic
beverage, or other tangible personal property specified by the Internal
Revenue Service (IRS). However, specially minted United States goldand silver coins, and certain state-issued coins are permissible
investments. Platinum coins and certain gold, silver, platinum, or
palladium bullion (as described in IRC Sec. 408(m)(3)) are also
permitted as IRA investments.

J. Required Minimum Distributions – You are required to take minimum
distributions from your IRA at certain times in accordance with
Treasury Regulation 1.408-8. Below is a summary of the IRA
distribution rules.

100 (Rev. 5/2023)

3. The applicable divisor generally is determined using the Uniform
Lifetime Table provided by the IRS. If your spouse is your soledesignated beneficiary for the entire calendar year, and is morethan 10 years younger than you, the required minimum
distribution is determined each year using the actual joint life
expectancy of you and your spouse obtained from the Joint Life
Expectancy Table provided by the IRS, rather than the life
expectancy divisor from the Uniform Lifetime Table.
We reserve the right to do any one of the following by yourrequired beginning date.
(a) Make no distribution until you give us a proper withdrawal
request(b) Distribute your entire IRA to you in a single sum payment(c) Determine your required minimum distribution each year
based on your life expectancy calculated using the Uniform
Lifetime Table, and pay those distributions to you until you
direct otherwise
If you fail to remove an RMD, an excess accumulation penalty tax of
25 percent is imposed on the amount of the RMD that should havebeen taken but was not. If the failure to take an RMD is corrected ina timely manner, the penalty tax is further reduced to 10 percent.
You must file IRS Form 5329 along with your income tax return toreport and remit any additional taxes to the IRS.
The correction window for the reduced penalty begins on the date
the penalty tax is imposed and ends (1) the date a notice of
deficiency regarding the tax is mailed, (2) the date the tax is
assessed, or (3) the last day of the second taxable year beginning
after the year in which the tax is imposed, whichever is earlier.
K. Beneficiary Distributions – Upon your death, your beneficiaries are
required to take distributions according to IRC Sec. 401(a)(9) andTreasury Regulation 1.408-8. These requirements are described below.
1. Death of IRA Owner Before January 1, 2020 – Your designatedbeneficiary is determined based on the beneficiaries designated asof the date of your death, who remain your beneficiaries as of
September 30 of the year following the year of your death.
If you die on or after your required beginning date, distributions
must be made to your beneficiaries over the longer of the single life
expectancy of your designated beneficiaries, or your remaining life
expectancy. If a beneficiary other than a person or qualified trust as
defined in the Treasury Regulations is named, you will be treated ashaving no designated beneficiary of your IRA for purposes ofdetermining the distribution period. If there is no designatedbeneficiary of your IRA, distributions will commence using yoursingle life expectancy, reduced by one in each subsequent year.

If you die before your required beginning date, the entire amountremaining in your account will, at the election of your designatedbeneficiaries, either(a) be distributed by December 31 of the year containing the fifth
anniversary of your death, or(b) be distributed over the remaining life expectancy of yourdesignated beneficiaries.
If your spouse is your sole designated beneficiary, he or she must
elect either option (a) or (b) by the earlier of December 31 of theyear containing the fifth anniversary of your death, orDecember 31 of the year life expectancy payments would be
required to begin. Your designated beneficiaries, other than aspouse who is the sole designated beneficiary, must elect either
option (a) or (b) by December 31 of the year following the year of
your death. If no election is made, distribution will be calculated inaccordance with option (b). In the case of distributions underoption (b), distributions must commence by December 31 of theyear following the year of your death. Generally, if your spouse is
the designated beneficiary, distributions need not commence until
December 31 of the year you would have attained RMD age (asdescribed in the Required Minimum Distributions section above), if
later. If a beneficiary other than a person or qualified trust as
defined in the Treasury Regulations is named, you will be treatedas having no designated beneficiary of your IRA for purposes ofdetermining the distribution period. If there is no designatedbeneficiary of your IRA, the entire IRA must be distributed by
December 31 of the year containing the fifth anniversary of yourdeath.
2. Death of IRA Owner On or After January 1, 2020 – The entire
amount remaining in your account will generally be distributed by
December 31 of the year containing the tenth anniversary of yourdeath unless you have an eligible designated beneficiary or you
have no designated beneficiary for purposes of determining a
distribution period. This requirement applies to beneficiaries
regardless of whether you die before, on, or after your required
beginning date.
If your beneficiary is an eligible designated beneficiary, the entire
amount remaining in your account may be distributed (in accordancewith the Treasury Regulations) over the remaining life expectancy of
your eligible designated beneficiary (or over a period not extending
beyond the life expectancy of such beneficiary).
An eligible designated beneficiary is any designated beneficiary
who is• your surviving spouse,• your child who has not reached the age of majority,• disabled (A physician must determine that your impairment••

can be expected to result in death or to be of long, continued,
and indefinite duration.),an individual who is not more than 10 years younger than you,orchronically ill (A chronically ill individual is someone who (1) is
unable to perform (without substantial assistance fromanother individual) at least two activities of daily living for anindefinite period due to a loss of functional capacity, (2) has alevel of disability similar to the level of disability describedabove requiring assistance with daily living based on loss offunctional capacity, or (3) requires substantial supervision toprotect the individual from threats to health and safety due tosevere cognitive impairment.)

Note that certain trust beneficiaries (e.g., certain trusts fordisabled and chronically ill individuals) may take distribution of theentire amount remaining in your account over the remaining life
expectancy of the trust beneficiary.
100 (Rev. 5/2023)

Generally, life expectancy distributions to an eligible designatedbeneficiary must commence by December 31 of the year following
the year of your death. However, if your spouse is the eligible
designated beneficiary, distributions need not commence until
December 31 of the year you would have attained RMD age (asdescribed in the Required Minimum Distributions section above), if
later. If your eligible designated beneficiary is your minor child, life
expectancy payments must begin by December 31 of the year
following the year of your death and continue until the child reaches
the age of majority. Once the age of majority is reached, thebeneficiary will have 10 years to deplete the account.
If a beneficiary other than a person (e.g., your estate, a charity, ora certain type of trust) is named, you will be treated as having no
designated beneficiary of your IRA for purposes of determining the
distribution period. If you die before your required beginning date
and there is no designated beneficiary of your IRA, the entire IRA
must be distributed by December 31 of the year containing thefifth anniversary of your death. If you die on or after your required
beginning date and there is no designated beneficiary of your IRA,
distributions will commence using your single life expectancy,
reduced by one in each subsequent year.
A spouse who is the sole designated beneficiary of your entire IRA will
be deemed to elect to treat your IRA as his or her own by either(1) making contributions to your IRA or (2) failing to timely remove a
required minimum distribution from your IRA. Regardless of whether
or not the spouse is the sole designated beneficiary of your IRA, a
spouse beneficiary may roll over his or her share of the assets to his or
her own IRA.
If we so choose, for any reason (e.g., due to limitations of our charteror bylaws), we may require that a beneficiary of a deceased IRA ownertake total distribution of all IRA assets by December 31 of the year
following the year of death.
If your beneficiary fails to remove a required minimum distribution
after your death, an excess accumulation penalty tax of 25 percent is
imposed on the amount of the required minimum distribution thatshould have been taken but was not. If the failure to take an RMD iscorrected in a timely manner, the penalty tax is further reduced to
10 percent. Your beneficiary must file IRS Form 5329 along with his or
her income tax return to report and remit any additional taxes to the
IRS.
The correction window for the reduced penalty begins on the date thepenalty tax is imposed and ends the earlier of: (1) the date a notice of
deficiency regarding the tax is mailed, (2) the date the tax is assessed,or (3) the last day of the second taxable year beginning after the year
in which the tax is imposed.
L. Qualifying Longevity Annuity Contracts and RMDs – A qualifying
longevity annuity contract (QLAC) is a deferred annuity contract that,among other requirements, must guarantee lifetime income starting
no later than age 85.
When calculating your RMD, you may reduce the prior year end
account value by the value of QLACs that your IRA holds as
investments.
For more information on QLACs, you may wish to refer to the IRS
website at www.irs.gov.
M. Waiver of 2020 RMD – RMDs and life expectancy payments forbeneficiaries were waived for calendar year 2020. If the five-year rule
applies to an IRA with respect to any decedent, the five-year period isdetermined without regard to calendar year 2020 because of thiswaiver. For example, if an IRA owner died in 2019, the beneficiary’s
five-year period ends in 2025 instead of 2024.

INCOME TAX CONSEQUENCES OF ESTABLISHING AN IRA

A. IRA Deductibility – If you are eligible to contribute to your IRA, theamount of the contribution for which you may take a tax deduction will
depend upon whether you (or, in some cases, your spouse) are an
active participant in an employer-sponsored retirement plan. If you(and your spouse, if married) are not an active participant, your entire
IRA contribution will be deductible. If you are an active participant (orare married to an active participant), the deductibility of your IRA
contribution will depend on your modified adjusted gross income(MAGI) and your tax filing status for the tax year for which thecontribution was made. MAGI is determined on your income tax returnusing your adjusted gross income but disregarding any deductible IRA
contribution and certain other deductions and exclusions.
Definition of Active Participant. Generally, you will be an active
participant if you are covered by one or more of the following
employer-sponsored retirement plans.
1. Qualified pension, profit sharing, 401(k), or stock bonus plan
2. Qualified annuity plan of an employer
3. Simplified employee pension (SEP) plan
4. Retirement plan established by the federal government, a state, ora political subdivision (except certain unfunded deferredcompensation plans under IRC Sec. 457)
5. Tax-sheltered annuity for employees of certain tax-exempt
organizations or public schools
6. Plan meeting the requirements of IRC Sec. 501(c)(18)
7. Savings incentive match plan for employees of small employers(SIMPLE) IRA plan or a SIMPLE 401(k) planIf you do not know whether your employer maintains one of theseplans or whether you are an active participant in a plan, check withyour employer or your tax advisor. Also, the IRS Form W-2, Wage andTax Statement, that you receive at the end of the year from youremployer will indicate whether you are an active participant.
If you are an active participant, are single, and have MAGI within theapplicable phase-out range listed below, the deductible amount of yourcontribution is determined as follows. (1) Begin with the appropriate
phase-out range maximum for the applicable year (specified below) andsubtract your MAGI; (2) divide this total by the difference between thephase-out maximum and minimum; and (3) multiply this number by the
maximum allowable contribution for the applicable year, including catchup contributions if you are age 50 or older. The resulting figure will be
the maximum IRA deduction you may take. For example, if you are age
30 with MAGI of $74,000 in 2023, your maximum deductible
contribution is $5,850 (the 2023 phase-out range maximum of $83,000
minus your MAGI of $74,000, divided by the difference between the
maximum and minimum phase-out range limits of $10,000, andmultiplied by the contribution limit of $6,500).
If you are an active participant, are married to an active participant andyou file a joint income tax return, and have MAGI within the applicable
phase-out range listed below, the deductible amount of yourcontribution is determined as follows. (1) Begin with the appropriate
phase-out maximum for the applicable year (specified below) andsubtract your MAGI; (2) divide this total by the difference between thephase-out range maximum and minimum; and (3) multiply this number
by the maximum allowable contribution for the applicable year,
including catch-up contributions if you are age 50 or older. The resulting
figure will be the maximum IRA deduction you may take. For example, if
you are age 30 with MAGI of $119,000 in 2023, your maximum
deductible contribution is $5,525 (the 2023 phase-out maximum of$136,000 minus your MAGI of $119,000, divided by the difference
between the maximum and minimum phase-out limits of $20,000, andmultiplied by the contribution limit of $6,500).
100 (Rev. 5/2023)

If you are an active participant, are married and you file a separate
income tax return, your MAGI phase-out range is generally $0–$10,000. However, if you lived apart for the entire tax year, you aretreated as a single filer.
Tax Year
2019
2020
2021
2022
2023

Joint Filers
Phase-Out Range*(minimum)(maximum)$103,000–123,000$104,000–124,000$105,000–125,000$109,000–129,000$116,000–136,000

Single Taxpayers
Phase-Out Range*(minimum)(maximum)$64,000–74,000$65,000–75,000$66,000–76,000$68,000–78,000$73,000–83,000*MAGI limits are subject to cost-of-living adjustments each year.
The MAGI phase-out range for an individual that is not an active
participant, but is married to an active participant, is $218,000–$228,000 (for 2023). This limit is also subject to cost-of-living increases
for tax years after 2023. If you are not an active participant in an
employer-sponsored retirement plan, are married to someone who is anactive participant, and you file a joint income tax return with MAGI
between the applicable phase-out range for the year, your maximum
deductible contribution is determined as follows. (1) Begin with theappropriate MAGI phase-out maximum for the year and subtract your
MAGI; (2) divide this total by the difference between the phase-out
range maximum and minimum; and (3) multiply this number by the
maximum allowable contribution for the applicable year, includingcatch-up contributions if you are age 50 or older. The resulting figure willbe the maximum IRA deduction you may take.
You must round the resulting deduction to the next highest $10 if thenumber is not a multiple of 10. If your resulting deduction is between$0 and $200, you may round up to $200.
B. Contribution Deadline – The deadline for making an IRA contribution
is your tax return due date (not including extensions). You may
designate a contribution as a contribution for the preceding taxable
year in a manner acceptable to us. For example, if you are a calendaryear taxpayer and you make your IRA contribution on or before yourtax filing deadline, your contribution is considered to have been madefor the previous tax year if you designate it as such.
If you are a member of the Armed Forces serving in a combat zone,
hazardous duty area, or contingency operation, you may have an
extended contribution deadline of 180 days after the last day servedin the area. In addition, your contribution deadline for a particular tax
year is also extended by the number of days that remained to file thatyear’s tax return as of the date you entered the combat zone. Thisadditional extension to make your IRA contribution cannot exceed thenumber of days between January 1 and your tax filing deadline, notincluding extensions.
C. Tax Credit for Contributions – You may be eligible to receive a tax
credit for your Traditional IRA contributions. This credit will be allowedin addition to any tax deduction that may apply, and may not exceed$1,000 in a given year. You may be eligible for this tax credit if you are• age 18 or older as of the close of the taxable year,• not a dependent of another taxpayer, and• not a full-time student.
The credit is based upon your income (see chart below), and will range
from 0 to 50 percent of eligible contributions. In order to determine theamount of your contributions, add all of the contributions made to yourTraditional IRA and reduce these contributions by any distributions thatyou have taken during the testing period. The testing period begins two
years prior to the year for which the credit is sought and ends on the tax
return due date (including extensions) for the year for which the credit
is sought. In order to determine your tax credit, multiply the applicablepercentage from the chart below by the amount of your contributions
that do not exceed $2,000.
2023 Adjusted Gross Income*Joint Return

Head ofHousehold

All Other Cases

Over

Over

Over

Not OverNot OverApplicable
Percentage

Not Over$43,500$32,625$21,750$43,500 $47,500 $32,625 $35,625 $21,750 $23,750$47,500 $73,000 $35,625 $54,750 $23,750 $36,500$73,000$54,750$36,500

50
20
10
0

If you overstate the amount of designated nondeductible contributions
for any taxable year, you are subject to a $100 penalty unless reasonablecause for the overstatement can be shown.
G. Taxation of Distributions – The taxation of IRA distributions depends
on whether or not you have ever made nondeductible IRA
contributions. If you have only made deductible contributions, all IRA
distribution amounts will be included in income.
If you have ever made nondeductible contributions to any IRA, thefollowing formula must be used to determine the amount of any IRA
distribution excluded from income.
(Aggregate Nondeductible Contributions)x (Amount Withdrawn)= Amount Excluded From Income
Aggregate IRA Balance*Adjusted gross income (AGI) includes foreign earned income andincome from Guam, America Samoa, North Mariana Islands, and PuertoRico. AGI limits are subject to cost-of-living adjustments each year.

NOTE: Aggregate nondeductible contributions include allnondeductible contributions made by you through the end of the yearof the distribution that have not previously been withdrawn andexcluded from income. Also note that the aggregate IRA balance
includes the total balance of all of your Traditional and SIMPLE IRAs asof the end of the year of distribution and any distributions occurring
during the year.

D. Excess Contributions – An excess contribution is any amount that iscontributed to your IRA that exceeds the amount that you are eligible
to contribute. If the excess is not corrected timely, an additional
penalty tax of six percent will be imposed upon the excess amount.
The procedure for correcting an excess is determined by the timelinessof the correction as identified below.
1. Removal Before Your Tax Filing Deadline. An excess contribution
may be corrected by withdrawing the excess amount, along withthe earnings attributable to the excess, before your tax filingdeadline, including extensions, for the year for which the excess
contribution was made. An excess withdrawn under this method is
not taxable to you, but you must include the earnings attributable
to the excess in your taxable income in the year in which thecontribution was made. The six percent excess contribution
penalty tax will be avoided.
2. Removal After Your Tax Filing Deadline. If you are correcting an
excess contribution after your tax filing deadline, including
extensions, remove only the amount of the excess contribution.
The six percent excess contribution penalty tax will be imposed on
the excess contribution for each year it remains in the IRA. An
excess withdrawal under this method will only be taxable to you if
the total contributions made in the year of the excess exceed theannual applicable contribution limit.
3. Carry Forward to a Subsequent Year. If you do not withdraw theexcess contribution, you may carry forward the contribution for asubsequent tax year. To do so, you under-contribute for that tax
year and carry the excess contribution amount forward to thatyear on your tax return. The six percent excess contribution
penalty tax will be imposed on the excess amount for each yearthat it remains as an excess contribution at the end of the year.
You must file IRS Form 5329 along with your income tax return toreport and remit any additional taxes to the IRS.
E. Tax-Deferred Earnings – The investment earnings of your IRA are notsubject to federal income tax until distributions are made (or, incertain instances, when distributions are deemed to be made).
F. Nondeductible Contributions – You may make nondeductible
contributions to your IRA to the extent that deductible contributions
are not allowed. The sum of your deductible and nondeductible IRA
contributions cannot exceed your contribution limit (the lesser of theallowable contribution limit described previously, or 100 percent ofcompensation). You may elect to treat deductible IRA contributions as
nondeductible contributions.
If you make nondeductible contributions for a particular tax year, youmust report the amount of the nondeductible contribution along withyour income tax return using IRS Form 8606. Failure to file IRS Form
8606 will result in a $50 per failure penalty.

100 (Rev. 5/2023)

H. Income Tax Withholding – Ten percent federal income tax
withholding will be applied to a withdrawal from your IRA unless you
choose to withhold a different amount or elect not to have
withholding apply. We are not required to withhold taxes from any
distribution that we reasonably believe is not taxable.
I.

Early Distribution Penalty Tax – If you receive an IRA distribution
before you attain age 59½, an additional early distribution penalty tax
of 10 percent will apply to the taxable amount of the distribution
unless one of the following exceptions apply. 1) Death. After yourdeath, payments made to your beneficiary are not subject to the
10 percent early distribution penalty tax. 2) Disability. If you are
disabled at the time of distribution, you are not subject to theadditional 10 percent early distribution penalty tax. In order to bedisabled, a physician must determine that your impairment can be
expected to result in death or to be of long, continued, and indefinite
duration. 3) Substantially equal periodic payments. You are notsubject to the additional 10 percent early distribution penalty tax if
you are taking a series of substantially equal periodic payments (atleast annual payments) over your life expectancy or the joint life
expectancy of you and your beneficiary. You must continue thesepayments for the longer of five years or until you reach age 59½.
4) Unreimbursed medical expenses. If you take payments to pay for
unreimbursed medical expenses that exceed a specified percentage ofyour adjusted gross income, you will not be subject to the 10 percent
early distribution penalty tax. For further detailed information andeffective dates you may obtain IRS Publication 590-B, Distributions
from Individual Retirement Arrangements (IRAs), from the IRS. The
medical expenses may be for you, your spouse, or any dependent
listed on your tax return. 5) Health insurance premiums. If you are
unemployed and have received unemployment compensation for 12
consecutive weeks under a federal or state program, you may takepayments from your IRA to pay for health insurance premiums without
incurring the 10 percent early distribution penalty tax. 6) Higher
education expenses. Payments taken for certain qualified higher
education expenses for you, your spouse, or the children or
grandchildren of you or your spouse, will not be subject to the 10
percent early distribution penalty tax. 7) First-time homebuyer. You
may take payments from your IRA to use toward qualified acquisition
costs of buying or building a principal residence. The amount you may
take for this reason may not exceed a lifetime maximum of $10,000.
The payment must be used for qualified acquisition costs within 120
days of receiving the distribution. 8) IRS levy. Payments from your IRA
made to the U.S. government in response to a federal tax levy are notsubject to the 10 percent early distribution penalty tax. 9) Qualified
reservist distributions. If you are a qualified reservist member calledto active duty for more than 179 days or an indefinite period, thepayments you take from your IRA during the active duty period are notsubject to the 10 percent early distribution penalty tax. 10) Qualified
birth or adoption. Payments from your IRA for the birth of your childor the adoption of an eligible adoptee will not be subject to the 10
percent early distribution penalty tax if the distribution is taken during
the one-year period beginning on the date of birth of your child or thedate on which your legal adoption of an eligible adoptee is finalized.
An eligible adoptee means any individual (other than your spouse’schild) who has not attained age 18 or is physically or mentally
incapable of self-support. The aggregate amount you may take for thisreason may not exceed $5,000 for each birth or adoption. 11) Terminal
illness. Payments from your IRA made because you are terminally ill
are not subject to the 10 percent early distribution penalty tax. You
are terminally ill if you have been certified by a physician, in
accordance with documentation requirements to be established by
the IRS, as having an illness or physical condition that can reasonably
be expected to result in death in 84 months or less after the date of
the certification. 12) Qualified Disaster Recovery Distribution. If you
are an affected IRA owner in a federally declared disaster area who
has sustained an economic loss by reason of such qualified disaster,
you may take up to $22,000 per disaster from your IRA without
incurring the 10 percent early distribution penalty tax. 13) Domestic
abuse. Beginning in 2024, if you are a victim of domestic abuse you
may withdraw up to $10,000 (subject to possible cost-of-living
adjustments each year beginning in 2025) or 50% of your IRA balance,
whichever is less, within one year of the abuse without incurring the
10 percent early distribution penalty tax. 14) Emergency personal
expenses. Beginning in 2024, you may take one withdrawal in acalendar year as an emergency personal expense distribution for
purposes of meeting unforeseeable or immediate financial needs
relating to necessary personal or family emergency expenses, without
incurring the 10 percent early distribution penalty tax. The amountthat may be treated as an emergency personal expense distribution inany calendar year is $1,000 or the total balance in your IRA over
$1,000, determined as of the date of each such distribution, whicheveris less. No further emergency personal expense distributions areallowed during the immediately following three calendar years unlessrepayment occurs, or you have made IRA contributions after theprevious distribution in an amount at least equal to the previous
distribution that has not been repaid.

Traditional IRA or another Traditional IRA of yours if therequirements of IRC Sec. 408(d)(3) are met. A proper IRA‐to‐IRA
rollover is completed if all or part of the distribution is rolled overnot later than 60 days after the distribution is received. In the caseof a distribution for a first‐time homebuyer where there was adelay or cancellation of the purchase, the 60‐day rollover period
may be extended to 120 days.
You are permitted to roll over only one distribution from an IRA(Traditional, Roth, or SIMPLE) in a 12‐month period, regardless ofthe number of IRAs you own. A distribution may be rolled over tothe same IRA or to another IRA that is eligible to receive therollover. For more information on rollover limitations, you may
wish to obtain IRS Publication 590-B, Distributions from Individual
Retirement Arrangements (IRAs), from the IRS or refer to the IRS
website at www.irs.gov.
2. SIMPLE IRA-to-Traditional IRA Rollovers. Assets distributed fromyour SIMPLE IRA may be rolled over to your Traditional IRA without
IRS penalty tax provided two years have passed since you firstparticipated in a SIMPLE IRA plan sponsored by your employer. As
with Traditional IRA-to-Traditional IRA rollovers, the requirements of
IRC Sec. 408(d)(3) must be met. A proper SIMPLE IRA-to-IRA rolloveris completed if all or part of the distribution is rolled over not later
than 60 days after the distribution is received.
You are permitted to roll over only one distribution from an IRA(Traditional, Roth, or SIMPLE) in a 12‐month period, regardless ofthe number of IRAs you own. A distribution may be rolled over tothe same IRA or to another IRA that is eligible to receive therollover. For more information on rollover limitations, you may
wish to obtain IRS Publication 590-B, Distributions from Individual
Retirement Arrangements (IRAs), from the IRS or refer to the IRS
website at www.irs.gov.

You must file IRS Form 5329 along with your income tax return to the
IRS to report and remit any additional taxes or to claim a penalty tax
exception.

3. Employer-Sponsored Retirement Plan-to-Traditional IRA Rollovers.
You may roll over, directly or indirectly, any eligible rollover
distribution from an eligible employer-sponsored retirement plan. An
eligible rollover distribution is defined generally as any distribution
from a qualified retirement plan, 403(a) annuity, 403(b) tax-shelteredannuity, 457(b) eligible governmental deferred compensation plan, or
federal Thrift Savings Plan unless it is a required minimum
distribution, hardship distribution, part of a certain series ofsubstantially equal periodic payments, corrective distributions ofexcess contributions, excess deferrals, excess annual additions andany income allocable to the excess, deemed loan distribution,
dividends on employer securities, the cost of life insurance coverage,
or a distribution of Roth elective deferrals from a 401(k), 403(b),governmental 457(b), or federal Thrift Savings Plan.

J. Rollovers and Conversions – Your IRA may be rolled over to another
IRA, SIMPLE IRA, or an eligible employer-sponsored retirement plan of
yours, may receive rollover contributions, or may be converted to aRoth IRA, provided that all of the applicable rollover and conversion
rules are followed. Rollover is a term used to describe a movement ofcash or other property to your IRA from another IRA, or from youremployer’s qualified retirement plan, 403(a) annuity, 403(b) taxsheltered annuity, 457(b) eligible governmental deferredcompensation plan, or federal Thrift Savings Plan. The amount rolled
over is not subject to taxation or the additional 10 percent early
distribution penalty tax. Conversion is a term used to describe themovement of Traditional IRA assets to a Roth IRA. A conversion
generally is a taxable event. The general rollover and conversion rules
are summarized below. These transactions are often complex. If you
have any questions regarding a rollover or conversion, please see acompetent tax advisor.

If you elect to receive your rollover distribution prior to placing itin an IRA, thereby conducting an indirect rollover, your plan
administrator generally will be required to withhold 20 percent of
your distribution as a payment of income taxes. When completing
the rollover, you may make up out of pocket the amount withheld
and roll over the full amount distributed from your employersponsored retirement plan. To qualify as a rollover, your eligible
rollover distribution generally must be rolled over to your IRA notlater than 60 days after you receive the distribution. In the case ofa plan loan offset due to plan termination or severance from
employment, the deadline for completing the rollover is your tax
return due date (including extensions) for the year in which theoffset occurs. Alternatively, you may claim the withheld amount asincome, and pay the applicable income tax, and if you are underage 59½, the 10 percent early distribution penalty tax (unless an
exception to the penalty applies).

1. Traditional IRA-to-Traditional IRA Rollovers. Assets distributed
from your Traditional IRA may be rolled over to the same

As an alternative to the indirect rollover, your employer generally
must give you the option to directly roll over your employer-

100 (Rev. 5/2023)

sponsored retirement plan balance to an IRA. If you elect the direct
rollover option, your eligible rollover distribution will be paid
directly to the IRA (or other eligible employer-sponsored
retirement plan) that you designate. The 20 percent withholding
requirements do not apply to direct rollovers.
4. Beneficiary Rollovers From Employer-Sponsored Retirement
Plans. If you are a spouse or nonspouse beneficiary of a deceased
employer-sponsored retirement plan participant, or the trustee ofan eligible type of trust named as beneficiary of such participant,you may directly roll over inherited assets from a qualified
retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or
457(b) eligible governmental deferred compensation plan to an
inherited IRA, as permitted by the IRS. The IRA must be maintained
as an inherited IRA, subject to the beneficiary distribution
requirements.
5. Traditional IRA-to-SIMPLE IRA Rollovers. Assets distributed fromyour Traditional IRA may be rolled over to a SIMPLE IRA if therequirements of IRC Sec. 408(d)(3) are met and two years havepassed since you first participated in a SIMPLE IRA plan sponsoredby your employer. A proper Traditional IRA‐to‐SIMPLE IRA rolloveris completed if all or part of the distribution is rolled over not later
than 60 days after the distribution is received. In the case of a
distribution for a first‐time homebuyer where there was a delay orcancellation of the purchase, the 60‐day rollover period may be
extended to 120 days.
You are permitted to roll over only one distribution from an IRA(Traditional, Roth, or SIMPLE) in a 12‐month period, regardless ofthe number of IRAs you own. A distribution may be rolled over tothe same IRA or to another IRA that is eligible to receive therollover. For more information on rollover limitations, you may
obtain IRS Publication 590-B, Distributions from Individual
Retirement Arrangements (IRAs), from the IRS or refer to the IRS
website at www.irs.gov.
6. Traditional IRA-to-Employer-Sponsored Retirement Plan Rollovers.
You may roll over, directly or indirectly, any taxable eligible rollover
distribution from an IRA to your qualified retirement plan, 403(a)annuity, 403(b) tax-sheltered annuity, or 457(b) eligible
governmental deferred compensation plan as long as the employersponsored retirement plan accepts such rollover contributions.
7. Traditional IRA-to-Roth IRA Conversions. If you convert to a RothIRA, the amount of the conversion from your Traditional IRA to yourRoth IRA will be treated as a distribution for income tax purposes,
and is includible in your gross income (except for any nondeductible
contributions). Although the conversion amount generally is
included in income, the 10 percent early distribution penalty tax will
not apply to conversions from a Traditional IRA to a Roth IRA,
regardless of whether you qualify for any exceptions to the 10
percent penalty tax. If you are required to take a required minimum
distribution for the year, you must remove your required minimum
distribution before converting your Traditional IRA.
8. Qualified HSA Funding Distribution. If you are eligible tocontribute to a health savings account (HSA), you may be eligible
to take a one-time tax-free qualified HSA funding distribution fromyour IRA and directly deposit it to your HSA. The amount of thequalified HSA funding distribution may not exceed the maximum
HSA contribution limit in effect for the type of high deductible
health plan coverage (i.e., single or family coverage) that you haveat the time of the deposit, and counts toward your HSA
contribution limit for that year. For further detailed information,
you may wish to obtain IRS Publication 969, Health Savings
Accounts and Other Tax-Favored Health Plans.
9. Rollover of IRS Levy. If you receive a refund of eligible retirement
plan assets that had been wrongfully levied, you may roll over the
100 (Rev. 5/2023)

amount returned up until your tax return due date (not including
extensions) for the year in which the money was returned.
10. Written Election. At the time you make a rollover to an IRA, youmust designate in writing to the custodian your election to treat
that contribution as a rollover. Once made, the rollover election isirrevocable.
K. Repayments of Certain Distributions.
1. Qualified Birth or Adoption Distributions. If you have taken aqualified birth or adoption distribution, you may generally pay all
or a portion of the aggregate amount of such distribution to an IRA
at any time during the three-year period beginning on the day after
the date on which such distribution was received. In the case of aqualified birth or adoption distribution made on or before
December 29, 2022, the deadline to repay the distribution is
December 31, 2025.
2. Terminal Illness Distributions. If you have taken a distribution due
to a terminal illness, you may generally pay all or a portion of theaggregate amount of such distribution to an IRA at any time during
the three-year period beginning on the day after the date on whichsuch distribution was received.
3. Domestic Abuse Distributions. Beginning in 2024, if you havetaken a distribution because you are a victim of domestic abuse,
you may generally pay all or a portion of the aggregate amount ofsuch distribution to an IRA at any time during the three-year period
beginning on the day after the date on which such distribution wasreceived.
4. Emergency Personal Expense Distributions. Beginning in 2024, if
you had taken an emergency personal expense distribution, thedistribution may be repaid within a three-year period. No further
emergency personal expense distributions are allowed during theimmediately following three calendar years unless repayment
occurs, or you have made IRA contributions after the previous
distribution in an amount at least equal to the previous
distribution that has not been repaid.
5. Qualified Disaster Recovery Distributions. If you have taken aqualified disaster recovery distribution, the distribution may berecontributed to an IRA at any time during the three-year period
beginning on the day after the date on which such distribution wasreceived.
For further information, you may wish to obtain IRS Publication 590-A,
Contributions to Individual Retirement Arrangements (IRAs), or referto the IRS website at www.irs.gov.
L. Transfer Due to Divorce – If all or any part of your IRA is awarded toyour spouse or former spouse in a divorce or legal separation
proceeding, the amount so awarded will be treated as the spouse’s
IRA (and may be transferred pursuant to a court-approved divorce
decree or written legal separation agreement to another IRA of your
spouse) and will not be considered a taxable distribution to you. A
transfer is a tax-free direct movement of cash and/or property fromone Traditional IRA to another.
M. Recharacterizations – If you make a contribution to a Traditional IRA
and later recharacterize either all or a portion of the originalcontribution to a Roth IRA along with net income attributable, you may
elect to treat the original contribution as having been made to the Roth
IRA. The same methodology applies when recharacterizing acontribution from a Roth IRA to a Traditional IRA. The deadline forcompleting a recharacterization is your tax filing deadline (including
any extensions) for the year for which the original contribution was
made. You may not recharacterize a Roth IRA conversion.

LIMITATIONS AND RESTRICTIONS

D. Qualified Reservist Distributions – If you are an eligible qualified
reservist who has taken penalty-free qualified reservist distributions
from your IRA or retirement plan, you may recontribute thoseamounts to an IRA generally within a two-year period from your dateof return.

B. Spousal IRA – You may contribute to an IRA established for the benefitof your spouse regardless of your spouse’s age, if you are married andhave compensation for the taxable year for which the contribution ismade. You must file a joint income tax return for the year for which thecontribution is made.

E. Qualified Charitable Distributions – If you are age 70½ or older, you
may be eligible to take tax-free IRA distributions of up to $100,000 per
year and have these distributions paid directly to certain charitableorganizations. This amount is subject to possible cost-of-living
adjustments each year beginning in tax year 2024. A qualified
charitable distribution also includes a one-time charitable distributionof up to $50,000 to a split interest entity (i.e., charitable gift annuity,charitable remainder unitrust, and charitable remainder annuity
trust). Special tax rules may apply. For further detailed information
you may obtain IRS Publication 590-B, Distributions from Individual
Retirement Arrangements (IRAs), from the IRS or refer to the IRS
website at www.irs.gov.

A. SEP Plans – Under a simplified employee pension (SEP) plan that meetsthe requirements of IRC Sec. 408(k), your employer may makecontributions to your IRA. Your employer is required to provide youwith information that describes the terms of your employer’s SEP plan.

The amount you may contribute to your IRA and your spouse’s IRA is
the lesser of 100 percent of your combined eligible compensation or$13,000 for 2023. This amount may be increased with cost-of-living
adjustments each year. However, you may not contribute more than
the individual contribution limit to each IRA.
If your spouse is age 50 or older by the close of the taxable year, and isotherwise eligible, you may make an additional contribution to your
spouse’s IRA. The maximum additional contribution is $1,000 per year.
This amount is subject to possible cost-of-living adjustments each year
beginning in 2024.
C. Deduction of Rollovers and Transfers – A deduction is not allowed forrollover or transfer contributions.
D. Gift Tax – Transfers of your IRA assets to a beneficiary made during
your life and at your request may be subject to federal gift tax under
IRC Sec. 2501.
E. Special Tax Treatment – Capital gains treatment and 10-year income
averaging authorized by IRC Sec. 402 do not apply to IRA distributions.
F. Prohibited Transactions – If you or your beneficiary engage in aprohibited transaction with your IRA, as described in IRC Sec. 4975,
your IRA will lose its tax-deferred status, and you must include thevalue of your account in your gross income for that taxable year. The
following transactions are examples of prohibited transactions withyour IRA. (1) Taking a loan from your IRA (2) Buying property for
personal use (present or future) with IRA assets (3) Receiving certain
bonuses or premiums because of your IRA.
G. Pledging – If you pledge any portion of your IRA as collateral for a loan,
the amount so pledged will be treated as a distribution and will be
included in your gross income for that year.

OTHER

A. IRS Plan Approval – Articles I through VII of the agreement used toestablish this IRA have been approved by the IRS. The IRS approval isa determination only as to form. It is not an endorsement of the planin operation or of the investments offered.
B. Additional Information – For further information on IRAs, you may
wish to obtain IRS Publication 590-A, Contributions to Individual
Retirement Arrangements (IRAs), or Publication 590-B, Distributions
from Individual Retirement Arrangements (IRAs), by calling 800-TAXFORM, or by visiting www.irs.gov on the Internet.
C. Important Information About Procedures for Opening a New Account– To help the government fight the funding of terrorism and money
laundering activities, federal law requires all financial organizations to
obtain, verify, and record information that identifies each person who
opens an account. Therefore, when you open an IRA, you are required
to provide your name, residential address, date of birth, andidentification number. We may require other information that willallow us to identify you.

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F. Disaster Related Relief – If you qualify (for example, you sustained an
economic loss due to, or are otherwise considered affected by, afederally-declared disaster in a specified disaster area), you may be
eligible for favorable tax treatment on distributions, rollovers, andother transactions involving your IRA. Qualified disaster relief includes
an automatic 60-day extension to perform certain acts and may
include penalty-tax free early distributions made during specified
timeframes for each disaster, the ability to include distributions inyour gross income ratably over multiple years, the ability to roll over
distributions to an eligible retirement plan without regard to the 60day rollover rule, and more.
Qualified Disaster Recovery Distributions. If your principal residence
is located in a qualified disaster area and you have sustained an
economic loss by reason of such disaster, you may receive up to$22,000 per disaster in aggregate distributions from your retirement
plans and IRAs as qualified disaster recovery distributions. A qualified
disaster is any major disaster declared by the President under section
401 of the Robert T. Stafford Disaster Relief and Emergency Assistance
Act after January 26, 2021. These distributions are not subject to the
10 percent early distribution penalty tax. In addition, unless you electotherwise, any amount required to be included in your gross income
for such taxable year shall be included ratably over a three-taxable
year period, beginning with the taxable year of the distribution.
Qualified disaster recovery distributions may be repaid at any time
generally within a three-year period beginning on the day after thedate the distribution was received.
Repayments of Withdrawals for Home Purchase. If you received aqualified first-time homebuyer distribution to purchase or construct a
principal residence in the qualified disaster area, but which was not
used on account of the qualified disaster, you are able to repay the
distribution within 180 days of the applicable date of such disaster.
The distribution must have been received during the period(1) beginning 180 days before the first day of the FEMA declared
incident period, and (2) ending 30 days after the last day of the FEMA
declared incident period.
For additional information on specific disasters, including a complete
listing of disaster areas, qualification requirements for relief, andallowable disaster-related IRA transactions, you may wish to obtain
IRS Publication 590-B, Distributions from Individual Retirement
Arrangements (IRAs), from the IRS or refer to the IRS website atwww.irs.gov.

G. Coronavirus-Related Distributions (CRDs) – If you qualified in 2020, youwere able to withdraw up to $100,000 in aggregate from your IRAs andeligible retirement plans as a CRD, without paying the 10 percent early
distribution penalty tax. You were a qualified individual if you (or your
spouse or dependent) was diagnosed with the COVID-19 disease or the
SARS-CoV-2 virus in an approved test; or if you experienced adverse
financial consequences as a result of being quarantined, being
furloughed or laid off or having work hours reduced due to such virus or
disease, being unable to work due to lack of child care due to such virus
or disease, closing or reduced hours of a business owned or operated by
you due to such virus or disease, or other factors as determined by the
IRS. A CRD must have been made on or after January 1, 2020, and before
December 31, 2020.
CRDs will be taxed ratably over a three-year period, unless you elected
otherwise, and may be repaid over three years beginning with the day
following the day a CRD is made. Repayments may be made to an eligible
retirement plan or IRA.
An eligible retirement plan is defined as a qualified retirement plan,
403(a) annuity, 403(b) tax-sheltered annuity, 457(b) eligible
governmental deferred compensation plan, or an IRA.

100 (Rev. 5/2023)

IRA FINANCIAL DISCLOSURE
The value of your IRA will be dependent solely upon the performance of any investment instrument used to fund your IRA. Therefore, no projection of thegrowth of your IRA can reasonably be shown or guaranteed.

IRA APPROVAL LETTER

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