ROTH INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT
Form 5305-RA under section 408A of the Internal Revenue Code.

The depositor named on the application is establishing a Roth individual
retirement account (Roth IRA) under section 408A 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.

FORM (Rev. April 2017)

2. The minimum amount that must be distributed each year underparagraph 1(a) above is the account value at the close of business on
December 31 of the preceding year divided by the life expectancy (inthe single life table in Regulations section 1.401(a)(9)-9) of thedesignated beneficiary using the attained age of the beneficiary in theyear following the year of the depositor’s death and subtracting one
from the divisor for each subsequent year.

The depositor and the custodian make the following agreement:

3. If the depositor’s surviving spouse is the designated beneficiary, suchspouse will then be treated as the depositor.

ARTICLE I

ARTICLE VI

Except in the case of a qualified rollover contribution described in section
408A(e) or a recharacterized contribution described in section 408A(d)(6),the custodian will accept only cash contributions up to $5,500 per year for2013 through 2017. For individuals who have reached the age of 50 by theend 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
to reflect a cost-of-living adjustment, if any.

ARTICLE II

1. The annual contribution limit described in Article I is gradually reduced
to $0 for higher income levels. For a depositor who is single or treatedas a single, the annual contribution is phased out between adjusted
gross income (AGI) of $118,000 and $133,000; for a married depositor
filing jointly, between AGI of $186,000 and $196,000; and for amarried depositor filing separately, between AGI of $0 and $10,000.
These phase-out ranges are for 2017. For years after 2017, the phaseout ranges, except for the $0 to $10,000 range, will be increased toreflect a cost-of-living adjustment, if any. Adjusted gross income isdefined in section 408A(c)(3).
2. In the case of a joint return, the AGI limits in the preceding paragraphapply to the combined AGI of the depositor and his or her spouse.

1. The depositor agrees to provide the custodian with all informationnecessary to prepare any reports required by sections 408(i) and408A(d)(3)(E), Regulations sections 1.408-5 and 1.408-6, or otherguidance published by the Internal Revenue Service (IRS).
2. The custodian agrees to submit to the IRS and depositor the reports
prescribed by the IRS.

ARTICLE VII

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

ARTICLE VIIIThis agreement will be amended as necessary to comply with theprovisions of the Code, the related Regulations, and other publishedguidance. Other amendments may be made with the consent of thepersons whose signatures appear on the application.

ARTICLE IX
9.01

Definitions – In this part of this agreement (Article IX), 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.

9.02

Notices and Change of Address – Any required notice regarding
this Roth 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.

9.03

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 thisagreement, 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 Roth IRA. We have no duty to determine whether yourcontributions or distributions comply with the Code, regulations,rulings, or this agreement.

ARTICLE III

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

ARTICLE IV

1. No part of the custodial account funds may be invested in life
insurance contracts, nor may the assets of the custodial account becommingled with other property except in a common trust fund orcommon 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 V

1. If the depositor dies before his or her entire interest is distributed tohim or her and the depositor’s surviving spouse is not the designatedbeneficiary, the remaining interest will be distributed in accordancewith paragraph (a) below or, if elected or there is no designatedbeneficiary, in accordance with paragraph (b) below:(a) The remaining interest will be distributed, starting by the end of
the calendar year following the year of the depositor’s death, overthe designated beneficiary’s remaining life expectancy as
determined in the year following the death of the depositor.
(b) The remaining interest will be distributed by the end of the calendar
year containing the fifth anniversary of the depositor’s death.
6100 (Rev. 5/2023)

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.

this agreement. After your death, your beneficiaries will have theright to direct the investment of your Roth IRA assets, subject to thesame conditions that applied to you during your lifetime under thisagreement (including, without limitation, Section 9.03 of thisarticle). We will have no discretion to direct any investment in yourRoth IRA. We assume no responsibility for rendering investment
advice with respect to your Roth 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 Roth IRA. In theabsence of instructions from you, or if your instructions are not in aform 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 with respect
to investments in your Roth IRA unless you provide timely written
directions acceptable to us.

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 other information. If you do not notify us within 60
days, the documents, statements, or other information will bedeemed correct and accurate, and we will have no further liability
or obligation for such documents, statements, other information,or the transactions described therein.
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 unless specificallyagreed to under the terms and conditions of this agreement, or as
required under the Code and the regulations promulgatedthereunder with respect to Roth IRAs. You agree to indemnify andhold 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 this agreement.
To the extent written instructions or notices are required under
this agreement, 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.
9.04

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

9.05

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 Roth IRA. In addition, we have the rightto be reimbursed for all reasonable expenses, including legal
expenses, we incur in connection with the administration of yourRoth IRA. We may charge you separately for any fees or expenses,
or we may deduct the amount of the fees or expenses from theassets in your Roth IRA at our discretion. We reserve the right tocharge 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 for assistance in performing certain transactions
with respect to this Roth IRA.
Any brokerage commissions attributable to the assets in your RothIRA will be charged to your Roth IRA. You cannot reimburse yourRoth IRA for those commissions.

9.06

Investment of Amounts in the Roth IRA – You have exclusive
responsibility for and control over the investment of the assets ofyour Roth IRA. All transactions will be subject to any and all
restrictions or limitations, direct or indirect, that are imposed by ourcharter, articles of incorporation, or bylaws; any and all applicable
federal and state laws and regulations; the rules, regulations,customs and usages of any exchange, market or clearing house
where the transaction is executed; our policies and practices; and6100 (Rev. 5/2023)

You will select the investment for your Roth IRA assets from thoseinvestments that we are authorized by our charter, articles ofincorporation, or bylaws to offer and do in fact offer for Roth IRAs (e.g.,term share accounts, passbook accounts, certificates of deposit,
money market accounts.) We may in our sole discretion make available
to you additional investment offerings, which will be limited to publicly
traded securities, mutual funds, money market instruments, and otherinvestments that are obtainable by us and that we are capable ofholding in the ordinary course of our business.
9.07

Beneficiaries – If you die before you receive all of the amounts inyour Roth IRA, payments from your Roth 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 beneficiaryof your Roth IRA. This designation can only be made on a form
provided by or acceptable to us, and it will only be effective when
it is filed with us during your lifetime. Each beneficiary designation
you file with us will cancel all previous designations. The consent
of your beneficiaries will not be required for you to revoke abeneficiary designation. If you have designated both primary andcontingent beneficiaries and no primary beneficiary survives you,the contingent beneficiaries will acquire the designated share ofyour Roth IRA. If you do not designate a beneficiary or if all of yourprimary and contingent beneficiaries predecease you, your estate
will be the beneficiary.
If your surviving spouse is the designated beneficiary, your spousemay elect to treat your Roth IRA as his or her own Roth IRA, andwould not be subject to the required minimum distribution rules.
Your surviving spouse will also be entitled to such additional
beneficiary payment options as are granted under the Code orapplicable regulations.
We may allow, if permitted by state law, an original Roth IRA
beneficiary (the beneficiary who is entitled to receive distributions
from an inherited Roth IRA at the time of your death) to namesuccessor beneficiaries for the inherited Roth IRA. This designation
can only be made on a form provided by or acceptable to us, and it
will only be effective when it is filed with us during the original RothIRA beneficiary’s lifetime. Each beneficiary designation form that theoriginal Roth IRA beneficiary files with us will cancel all previous
designations. The consent of a successor beneficiary will not be
required for the original Roth IRA beneficiary to revoke a successor
beneficiary designation. If the original Roth IRA beneficiary does notdesignate a successor beneficiary, his or her estate will be thesuccessor beneficiary. In no event will the successor beneficiary beable to extend the distribution period beyond that required for theoriginal Roth IRA beneficiary.

If we so choose, for any reason (e.g., due to limitations of ourcharter or bylaws), we may require that a beneficiary of a deceased
Roth IRA owner take total distribution of all Roth IRA assets by
December 31 of the year following the year of death.
9.08

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 Roth IRA to another financial organization. If you do notcomplete a transfer of your Roth IRA within 30 days from the date
we send the notice to you, we have the right to transfer your RothIRA assets to a successor Roth IRA trustee or custodian that wechoose in our sole discretion, or we may pay your Roth IRA to you ina 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 Roth IRA areasonable amount of money that we believe is necessary to cover
any associated costs, including but not limited to one or more of
the following.

You are not required to take a distribution from your Roth IRA
during your lifetime. At your death, however, your beneficiaries
must begin taking distributions in accordance with Article V andsection 9.07 of this article. We will make no distributions to you
from your Roth IRA until you provide us with a written request fora distribution on a form provided by or acceptable to us.
9.12

Transfers From Other Plans – We can receive amounts transferredto this Roth IRA from the trustee or custodian of another Roth IRA
as permitted by the Code. In addition, we can accept rollovers of
eligible rollover distributions from employer-sponsored
retirement plans as permitted by the Code. We reserve the rightnot to accept any transfer.

9.13

Liquidation of Assets – We have the right to liquidate assets inyour Roth IRA if necessary to make distributions or to pay fees,
expenses, taxes, penalties, or surrender charges properly
chargeable against your Roth IRA. If you fail to direct us as to whichassets to liquidate, we will decide, in our complete and sole
discretion, and you agree to not hold us liable for any adverse
consequences that result from our decision.

9.14

Restrictions on the Fund – Neither you nor any beneficiary may sell,transfer, or pledge any interest in your Roth IRA in any mannerwhatsoever, except as provided by law or this agreement.

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

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 Roth IRA to you in cash or property if the balanceof your Roth IRA drops below the minimum balance required
under the applicable investment or policy established.
9.09

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 Roth IRA) is bought
by another organization, that organization (or agency) willautomatically become the trustee or custodian of your Roth IRA,
but only if it is the type of organization authorized to serve as aRoth IRA trustee or custodian.

9.10

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

9.11

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 makea 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, andwithholding requirements.

6100 (Rev. 5/2023)

The assets in your Roth IRA will not be responsible for the debts,
contracts, or torts of any person entitled to distributions under thisagreement.
9.15

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 lawof our domicile 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 theprovisions of this agreement will be construed as a waiver of suchprovisions, or your right or our right thereafter to enforce each andevery such provision.

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

PURPOSE OF FORM

Form 5305-RA is a model custodial account agreement that meets therequirements of section 408A. However, only Articles I through VIII havebeen reviewed by the IRS. A Roth individual retirement account (Roth IRA) isestablished after the form is fully executed by both the individual (depositor)
and the custodian. 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-RA with the IRS. Instead, keep it with your records.
Unlike contributions to Traditional individual retirement arrangements,
contributions to a Roth IRA are not deductible from the depositor’s grossincome; and distributions after five years that are made when the depositor
is 59½ years of age or older or on account of death, disability, or the purchaseof a home by a first-time homebuyer (limited to $10,000), are not includiblein gross income. For more information on Roth IRAs, including the required
disclosures the custodian must give the depositor, see Pub. 590-A,
Contributions to Individual Retirement Arrangements (IRAs), and Pub. 590-B,
Distributions from Individual Retirement Arrangements (IRAs).

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.

SPECIFIC INSTRUCTIONSArticle I – The depositor may be subject to a six percent tax on excess
contributions if (1) contributions to other individual retirement
arrangements of the depositor have been made for the same tax year, (2) the
depositor’s adjusted gross income exceeds the applicable limits in Article II
for the tax year, or (3) the depositor’s and spouse’s compensation is less than
the amount contributed by or on behalf of them for the tax year.
Article V – This article describes how distributions will be made from theRoth IRA after the depositor’s death. Elections made pursuant to thisarticle should be reviewed periodically to ensure they correspond to thedepositor’s intent. Under paragraph three of Article V, the depositor’s
spouse is treated as the owner of the Roth IRA upon the death of thedepositor, rather than as the beneficiary. If the spouse is to be treated as
the beneficiary and not the owner, an overriding provision should be
added to Article IX.
Article IX – Article IX 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.

Depositor – The depositor is the person who establishes the custodial
account.

DISCLOSURE STATEMENTRIGHT TO REVOKE YOUR ROTH IRA

exceeds $138,000 (for 2023) if you are a single individual. Married
individuals filing a joint income tax return with MAGI equaling or
exceeding $228,000 (for 2023) may not fund a Roth IRA. Single
individuals with MAGI equaling or exceeding $153,000 (for 2023) may
not fund a Roth IRA. Married individuals filing a separate income tax
return with MAGI equaling or exceeding $10,000 may not fund a Roth
IRA. The MAGI limits described above are subject to cost-of-living
increases for tax years beginning after 2023.

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

If you are married filing a joint income tax return and your MAGI is
between the applicable MAGI phase-out range for the year, yourmaximum Roth IRA contribution is determined as follows. (1) Begin
with the appropriate MAGI phase-out maximum for the applicable
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, including catch-up contributions if you are age 50
or older. For example, if you are age 30 with MAGI of $223,000, yourmaximum Roth IRA contribution for 2023 is $3,250 ([$228,000 minus$223,000] divided by $10,000 and multiplied by $6,500).

You have the right to revoke your Roth IRA within seven days of the receiptof the disclosure statement. If revoked, you are entitled to a full return ofthe contribution you made to your Roth 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 Roth IRA,
please call the custodian at the telephone number listed on the application.

REQUIREMENTS OF A ROTH IRA

A. Cash Contributions – Your contribution must be in cash, unless it is arollover or conversion contribution.
B. Maximum Contribution – The total amount you may contribute to aRoth 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 Traditional
IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections(IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Roth
IRAs is reduced by any contributions you make to your Traditional
IRAs. Your total annual contribution to all Roth IRAs and Traditional
IRAs cannot exceed the lesser of the dollar amounts described aboveor 100 percent of your compensation.
Your Roth IRA contribution is further limited if your modified adjusted
gross income (MAGI) equals or exceeds $218,000 (for 2023) if you area married individual filing a joint income tax return, or equals or
6100 (Rev. 5/2023)

If you are single and your MAGI is between the applicable MAGI phaseout for the year, your maximum Roth IRA contribution is determined
as follows. (1) Begin with the appropriate MAGI phase-out maximum
for the applicable 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, including catch-up contributions if you are age
50 or older. For example, if you are age 30 with MAGI of $141,000,
your maximum Roth IRA contribution for 2023 is $5,200 ([$153,000
minus $141,000] divided by $15,000 and multiplied by $6,500).

C. Contribution Eligibility – You are eligible to make a regularcontribution to your Roth IRA, regardless of your age, if you havecompensation for the taxable year for which the contribution is madeand your MAGI is below the maximum threshold. Your Roth IRA
contribution is not limited by your participation in an employersponsored retirement plan, other than a Traditional IRA.
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 Roth
IRA. The maximum additional contribution is $1,000 per year. This
amount is subject to possible cost-of-living adjustments each year
beginning in tax year 2024.
E. Nonforfeitability – Your interest in your Roth IRA is nonforfeitable.
F. Eligible Custodians – The custodian of your Roth 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 Roth IRA cannot becommingled with other property except in a common trust fund orcommon investment fund.
H. Life Insurance – No portion of your Roth IRA may be invested in life
insurance contracts.
I.

Collectibles – You may not invest the assets of your Roth IRA incollectibles (within the meaning of IRC Sec. 408(m)). A collectible isdefined 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 gold and 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)) arealso permitted as Roth IRA investments.

J. 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 Roth IRA Owner Before January 1, 2020 – Your
designated beneficiary is determined based on the beneficiaries
designated as of the date of your death, who remain yourbeneficiaries as of September 30 of the year following the year of
your death. The entire amount remaining in your account will, atthe election of your designated beneficiaries, 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 required
minimum distribution (RMD) age (as described below), if later. If abeneficiary other than a person or qualified trust as defined in the
Treasury Regulations is named, you will be treated as having no
designated beneficiary of your Roth IRA for purposes ofdetermining the distribution period. If there is no designatedbeneficiary of your Roth IRA, the entire Roth IRA must be
6100 (Rev. 5/2023)

distributed by December 31 of the year containing the fifth
anniversary of your death.
RMD Age – If you were born in 1951 or later, you will attain RMD age
in the year that you reach age 73. If you were born before July 1,
1949, you attained RMD age in the year you attained age 70½. If you
were born on or after July 1, 1949, but before January 1, 1951, youattained RMD age in the year you attained age 72.
2. Death of Roth 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 haveno designated beneficiary for purposes of determining a distribution
period.
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.
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 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 andcontinue until the child reaches the age of majority. Once the ageof majority is reached, the beneficiary 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 Roth IRA for purposes ofdetermining the distribution period. If there is no designatedbeneficiary of your Roth IRA, the entire Roth IRA must be
distributed by December 31 of the year containing the fifth
anniversary of your death.

A spouse who is the sole designated beneficiary of your entire RothIRA will be deemed to elect to treat your Roth IRA as his or her own byeither (1) making contributions to your Roth IRA or (2) failing to timely
remove an RMD from your Roth IRA. Regardless of whether or not the
spouse is the sole designated beneficiary of your Roth IRA, a spouse
beneficiary may roll over his or her share of the assets to his or her
own Roth 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 Roth IRA
owner take total distribution of all Roth IRA assets by December 31 of
the year following the year of death.
If your beneficiary fails to remove an RMD after your death, an excess
accumulation penalty tax of 25 percent is imposed on the amount of
the RMD that should have been taken but was not. If the failure to takean RMD is corrected in a timely manner, the penalty tax is further
reduced to 10 percent. Your beneficiary must file IRS Form 5329 alongwith 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 (1) the date a notice of deficiency
regarding the tax is mailed, (2) the date the tax is assessed, or (3) thelast day of the second taxable year beginning after the year in which
the tax is imposed, whichever is earlier.
K. Waiver of 2020 RMD – Life expectancy payments for beneficiaries were
waived for calendar year 2020. In addition, if the five-year rule applies toa Roth IRA with respect to any decedent, the five-year period isdetermined without regard to calendar year 2020 because of this waiver.
For example, if a Roth IRA owner died in 2019, the beneficiary’s five-year
period ends in 2025 instead of 2024.

INCOME TAX CONSEQUENCES OF ESTABLISHING A ROTH IRA

A. Contributions Not Deducted – No deduction is allowed for Roth IRA
contributions, including transfers, rollovers, and conversion
contributions.
B. Contribution Deadline – The deadline for making a Roth 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 acalendar-year taxpayer and you make your Roth IRA contribution on or
before your tax filing deadline, your contribution is considered to havebeen made for 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 Roth IRA contribution cannot
exceed the number of days between January 1 and your tax filingdeadline, not including extensions.
C. Tax Credit for Contributions – You may be eligible to receive a tax
credit for your Roth IRA contributions. This credit 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, andnot 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 yourRoth IRA and reduce these contributions by any distributions that you
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

*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.
D. Excess Contributions – An excess contribution is any amount that iscontributed to your Roth 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 thetimeliness of 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 theexcess contribution for each year it remains in the Roth IRA. An
excess withdrawal under this method is not taxable to you.
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 that year
on your tax return. The six percent excess contribution penalty tax
will be imposed on the excess amount for each year that 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 Roth IRA are
not subject to federal income tax as they accumulate in your Roth IRA.
In addition, distributions of your Roth IRA earnings will be free fromfederal income tax if you take a qualified distribution, as described
below.
F. Taxation of Distributions – The taxation of Roth IRA distributions
depends on whether the distribution is a qualified distribution or anonqualified distribution.

6100 (Rev. 5/2023)

1. Qualified Distributions. Qualified distributions from your Roth IRA(both the contributions and earnings) are not included in yourincome. A qualified distribution is a distribution that is made after
the expiration of the five-year period beginning January 1 of thefirst year for which you made a contribution to any Roth IRA(including a conversion from a Traditional IRA), and is made on
account of one of the following events.
••••

Arrangements (IRAs), from the IRS. The medical expenses may be foryou, 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 afederal or state program, you may take payments from your Roth 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 foryou, 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 RothIRA to use toward qualified acquisition costs of buying or building a
principal residence. The amount you may take for this reason may notexceed 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 Roth IRA made to the
U.S. government in response to a federal tax levy are not subject tothe 10 percent early distribution penalty tax. 9) Qualified reservist
distributions. If you are a qualified reservist member called to active
duty for more than 179 days or an indefinite period, the payments you
take from your Roth IRA during the active duty period are not subject
to the 10 percent early distribution penalty tax. 10) Qualified birth or
adoption. Payments from your Roth IRA for the birth of your child or
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 Roth IRA made because you are terminallyill 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 Roth 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 Roth 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-ofliving adjustments each year beginning in 2025) or 50% of your RothIRA 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 a calendar 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 Roth 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 Roth IRA contributions after theprevious distribution in an amount at least equal to the previous
distribution that has not been repaid.

Attainment of age 59½
Disability
First-time homebuyer purchaseDeath

For example, if you made a contribution to your Roth IRA for 2015,
the five-year period for determining whether a distribution is aqualified distribution is satisfied as of January 1, 2020.
2. Nonqualified Distributions. If you do not meet the requirements
for a qualified distribution, any earnings you withdraw from yourRoth IRA will be included in your gross income and, if you are underage 59½, may be subject to an early distribution penalty tax.
However, when you take a distribution, the amounts you
contributed annually to any Roth IRA and any military deathgratuity or Servicemembers’ Group Life Insurance (SGLI) paymentsthat you rolled over to a Roth IRA, will be deemed to be removed
first, followed by conversion and employer-sponsored retirement
plan rollover contributions made to any Roth IRA on a first-in, firstout basis. Therefore, your nonqualified distributions will not betaxable to you until your withdrawals exceed the amount of yourannual contributions, rollovers of your military death gratuity or
SGLI payments, and your conversions and employer-sponsored
retirement plan rollovers.
G. Income Tax Withholding – Ten percent federal income tax withholding
will be applied to a withdrawal from your Roth 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 wereasonably believe is not taxable.
H. Early Distribution Penalty Tax – If you are under age 59½ and receivea nonqualified Roth IRA distribution, an additional early distribution
penalty tax of 10 percent generally will apply to the amount includible
in income in the year of the distribution. If you are under age 59½ andreceive a distribution of conversion amounts or employer-sponsored
retirement plan rollover amounts within the five-year period
beginning with the year in which the conversion or employersponsored retirement plan rollover occurred, an additional early
distribution penalty tax of 10 percent generally will apply to theamount of the distribution. The additional early distribution penalty
tax of 10 percent generally will not apply if one of the following
exceptions apply. 1) Death. After your death, payments made to yourbeneficiary 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 the additional 10 percent early distribution penalty
tax. In order to be disabled, a physician must determine that yourimpairment can be expected to result in death or to be of long,continued, and indefinite duration. 3) Substantially equal periodic
payments. You are not subject to the additional 10 percent early
distribution penalty tax if you are taking a series of substantially equal
periodic payments (at least annual payments) over your life
expectancy or the joint life expectancy of you and your beneficiary.
You must continue these payments for the longer of five years or until
you reach age 59½. 4) Unreimbursed medical expenses. If you takepayments to pay for unreimbursed medical expenses that exceed a
specified percentage of your adjusted gross income, you will not be
subject to the 10 percent early distribution penalty tax. For further
detailed information and effective dates you may obtain IRS
Publication 590-B, Distributions from Individual Retirement
6100 (Rev. 5/2023)

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.
I.

Required Minimum Distributions – You are not required to take
distributions from your Roth IRA during your lifetime (as required forTraditional and savings incentive match plan for employees of small
employers (SIMPLE) IRAs). However, your beneficiaries generally are
required to take distributions from your Roth IRA after your death. See
the section titled Beneficiary Payouts in this disclosure statement
regarding beneficiaries’ required minimum distributions.
J. Rollovers and Conversions – Your Roth IRA may be rolled over toanother Roth IRA of yours, may receive rollover contributions, or may
receive conversion contributions, provided that all of the applicablerollover or conversion rules are followed. Rollover is a term used todescribe a movement of cash or other property to your Roth IRA fromanother Roth IRA, or from your employer’s qualified retirement plan,
403(a) annuity, 403(b) tax-sheltered annuity, 457(b) eligible
governmental deferred compensation plan, or federal Thrift Savings
Plan. Conversion is a term used to describe the movement of
Traditional IRA or SIMPLE 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.
1. Roth IRA-to-Roth IRA Rollovers. Assets distributed from yourRoth IRA may be rolled over to the same Roth IRA or another RothIRA of yours if the requirements of IRC Sec. 408(d)(3) are met. A
proper Roth IRA-to-Roth IRA rollover is completed if all or part ofthe 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 or cancellation of thepurchase, the 60-day rollover period may be extended to 120
days. Roth IRA assets may not be rolled over to other types of IRAs(e.g., Traditional IRA, SIMPLE IRA), or employer-sponsored
retirement plans.
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. Traditional IRA-to-Roth IRA Conversions. If you convert to a RothIRA, the amount of the conversion from your Traditional IRA to
your Roth 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 toa Roth IRA, regardless of whether you qualify for any exceptions
to the 10 percent early distribution penalty tax. If you are required
to take a required minimum distribution for the year, you must
remove your required minimum distribution before convertingyour Traditional IRA.
3. SIMPLE IRA-to-Roth IRA Conversions. You are eligible to convert
all or any portion of your existing SIMPLE IRA into your Roth IRA,
provided two years have passed since you first participated in a
SIMPLE IRA plan sponsored by your employer. The amount of theconversion from your SIMPLE IRA to your Roth IRA will be treatedas a distribution for income tax purposes and is includible in yourgross income. Although the conversion amount generally is
included in income, the 10 percent early distribution penalty tax
will not apply to conversions from a SIMPLE IRA to a Roth IRA,
regardless of whether you qualify for any exceptions to the 10
percent early distribution penalty tax. If you are required to takea required minimum distribution for the year, you must remove

6100 (Rev. 5/2023)

your required minimum distribution before converting your
SIMPLE IRA.
4. Rollovers of Roth Elective Deferrals. Roth elective deferrals
distributed from a 401(k) cash or deferred arrangement, 403(b)tax-sheltered annuity, 457(b) eligible governmental deferredcompensation plan, or federal Thrift Savings Plan, may be rolled
into your Roth IRA.
5. Employer-Sponsored Retirement Plan-to-Roth IRA Rollovers. You
may roll over, directly or indirectly, any eligible rollover distribution
from an eligible employer-sponsored retirement plan to your Roth
IRA. An eligible rollover distribution is defined generally as any
distribution from a qualified retirement plan, 403(a) annuity, 403(b)tax-sheltered annuity, 457(b) eligible governmental deferredcompensation plan, or federal Thrift Savings Plan unless it is arequired minimum distribution, hardship distribution, part of acertain series of substantially equal periodic payments, corrective
distributions of excess contributions, excess deferrals, excess annual
additions and any income allocable to the excess, deemed loan
distribution, dividends on employer securities, or the cost of life
insurance coverage.
If you are conducting an indirect rollover, your eligible rollover
distribution generally must be rolled over to your Roth IRA notlater than 60 days after you receive the distribution. In the caseof a 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.
If you are a spouse or nonspouse beneficiary of a deceased
employer-sponsored retirement plan participant, or the trustee
of an eligible type of trust named as beneficiary of suchparticipant, you may directly roll over inherited assets from aqualified retirement plan, 403(a) annuity, 403(b) tax-shelteredannuity, or 457(b) eligible governmental deferred compensation
plan to an inherited Roth IRA, as permitted by the IRS. The RothIRA must be maintained as an inherited Roth IRA, subject to thebeneficiary distribution requirements.
Although the rollover amount generally is included in income, the10 percent early distribution penalty tax will not apply to rollovers
from eligible employer-sponsored retirement plans to a Roth IRA or
inherited Roth IRA, regardless of whether you qualify for any
exceptions to the 10 percent early distribution penalty tax.
6. Beneficiary Rollovers From 401(k), 403(b), or 457(b) Eligible
Governmental Plans Containing Roth Elective Deferrals. If you area spouse beneficiary, nonspouse beneficiary, or the trustee of aneligible type of trust named as beneficiary of a deceased 401(k),403(b), or 457(b) eligible governmental deferred compensation
plan participant who had made Roth elective deferrals to the plan,
you may directly roll over the Roth elective deferrals and theirearnings to an inherited Roth IRA, as permitted by the IRS. The RothIRA must be maintained as an inherited Roth IRA, subject to thebeneficiary distribution requirements.
7. Rollovers of Military Death Benefits. If you receive or havereceived a military death gratuity or a payment from the SGLI
program, you may be able to roll over the proceeds to your Roth
IRA. The rollover contribution amount is limited to the sum of thedeath benefits or SGLI payment received, less any such amountthat was rolled over to a Coverdell education savings account.
Proceeds must be rolled over within one year of receipt of thegratuity or SGLI payment for deaths occurring on or after June 17,
2008. Any amount that is rolled over under this provision isconsidered nontaxable basis in your Roth IRA.

8. Qualified HSA Funding Distribution. If you are eligible to contributeto a health savings account (HSA), you may be eligible to take a onetime tax-free qualified HSA funding distribution from your Roth IRA
and directly deposit it to your HSA. The amount of the qualified HSA
funding distribution may not exceed the maximum HSA
contribution limit in effect for the type of high deductible healthplan coverage (i.e., single or family coverage) that you have at thetime of the deposit, and counts toward your HSA contribution limit
for that year. For further detailed information, you may wish toobtain IRS Publication 969, Health Savings Accounts and Other TaxFavored 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 theamount returned up until your tax return due date (not including
extensions) for the year in which the money was returned.
10. Qualified Tuition Program to Roth IRA. Beginning in 2024, funds
from a qualified tuition program of a designated beneficiary thathas been maintained for 15 or more years may be paid in a directtrustee-to-trustee transfer to a designated beneficiary’s Roth IRA if
the funds have been in the qualified tuition program for at least five
years. The designated beneficiary must be eligible to make a RothIRA contribution and the amount of the rollover counts toward theRoth IRA contribution limit for the year. The total that a designatedbeneficiary may roll over from a qualified tuition program during his
or her lifetime may not exceed $35,000.
11. Written Election. At the time you make a rollover or conversion toa Roth IRA, you must designate in writing to the custodian yourelection to treat that contribution as a rollover or conversion.
Once made, the election is irrevocable.
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 aRoth 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 a qualified 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
the aggregate amount of such distribution to a Roth IRA at any
time during the three-year period beginning on the day after thedate on which such 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 a Roth IRA at any time during the three-year
period beginning on the day after the date on which such
distribution was received.
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 Roth IRA contributions after theprevious 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 a Roth IRA at any time during the three-year
period beginning on the day after the date on which such
distribution was received.
6100 (Rev. 5/2023)

For further information, you may wish to obtain IRS Publication 590-A,
Contributions to Individual Retirement Arrangements (IRAs), or refer tothe IRS website at www.irs.gov.
L. Transfer Due to Divorce – If all or any part of your Roth IRA is awarded
to your spouse or former spouse in a divorce or legal separation
proceeding, the amount so awarded will be treated as the spouse’sRoth IRA (and may be transferred pursuant to a court-approved divorce
decree or written legal separation agreement to another Roth IRA ofyour 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 Roth 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 theRoth 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 or an
employer-sponsored retirement plan rollover.

LIMITATIONS AND RESTRICTIONS

A. Spousal Roth IRA – If you are married and have compensation for the
taxable year for which the contribution is made, you may contribute toa Roth IRA established for the benefit of your spouse, regardless ofwhether or not your spouse has compensation. You must file a joint
income tax return for the year for which the contribution is made.
The amount you may contribute to your Roth IRA and your spouse’sRoth 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 notcontribute more than the individual contribution limit to each Roth
IRA. Your contribution may be further limited if your MAGI falls within
the minimum and maximum thresholds.
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 Roth IRA. The maximum additional contribution is $1,000 per
year. This amount is subject to possible cost-of-living adjustments eachyear beginning in 2024.
B. Gift Tax – Transfers of your Roth IRA assets to a beneficiary madeduring your life and at your request may be subject to federal gift tax
under IRC Sec. 2501.
C. Special Tax Treatment – Capital gains treatment and 10-year income
averaging authorized by IRC Sec. 402 do not apply to Roth IRA
distributions.
D. Prohibited Transactions – If you or your beneficiary engage in aprohibited transaction with your Roth IRA, as described in IRC Sec.
4975, your Roth IRA will lose its tax-deferred or tax-exempt status, andyou generally must include the value of the earnings in your accountin your gross income for that taxable year. The following transactions
are examples of prohibited transactions with your Roth IRA. (1) Taking
a loan from your Roth IRA (2) Buying property for personal use (present
or future) with Roth IRA assets (3) Receiving certain bonuses or
premiums because of your Roth IRA.
E. Pledging – If you pledge any portion of your Roth IRA as collateral fora loan, the amount so pledged will be treated as a distribution and may
be included in your gross income for that year.

OTHER

A. IRS Plan Approval – Articles I through VIII of the agreement used toestablish this Roth IRA have been approved by the IRS. The IRS
approval is a determination only as to form. It is not an endorsementof the plan in operation or of the investments offered.
B. Additional Information – For further information on Roth 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-TAX-FORM, orby 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 a Roth IRA, you are required
to provide your name, residential address, date of birth, and identification
number. We may require other information that will allow us to identify
you.
D. Qualified Reservist Distributions – If you are an eligible qualified
reservist who has taken penalty-free qualified reservist distributions
from your Roth IRA or retirement plan, you may recontribute thoseamounts to a Roth IRA generally within a two-year period from yourdate of return.
E. Qualified Charitable Distributions – If you are age 70½ or older, you may
be eligible to take tax-free Roth 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 distribution of up to$50,000 to a split interest entity (i.e., charitable gift annuity, charitableremainder unitrust, and charitable remainder annuity trust). Special tax
rules may apply. For further detailed information and effective dates 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.
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 Roth IRA. Qualified disaster relief
includes an automatic 60-day extension to perform certain acts andmay 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 60
day 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.

6100 (Rev. 5/2023)

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 Roth IRA transactions, you may wish toobtain 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 aneligible 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.

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

6100 (Rev. 5/2023)

6100 (Rev. 5/2023)

6100 (Rev. 5/2023)

6100 (Rev. 5/2023)

6100 (Rev. 5/2023)

6100 (Rev. 5/2023)

6100 (Rev. 5/2023)