A retirement account IRA owner can designate specific individuals or other entities, such as a trust or a charitable organization, as IRA primary or contingent beneficiaries.

• The named beneficiaries who survive an IRA owner inherit any assets remaining after the IRA owner's death.
• If an IRA owner does not name a beneficiary or all of the beneficiaries pre-decease the IRA owner, the assets pass to the IRA owner’s estate.

Information Needed for Beneficiaries

• Name
• Taxpayer identification number (TIN)
• Date of Birth
• Current Address
• Current Phone Number
• Relationship to IRA owner

After an IRA owner's death, the named IRA beneficiaries can usually receive the IRA assets directly. Beneficiaries generally begin taking required minimum distributions from a decedent's IRA by the end of the year following the year of death or within a specified period. We encourage you to contact an IRA representative at Third Federal by calling 1-877-324-5661 for options available to the named beneficiaries.

To view, navigate to the Statements and Documents tab (located under the More tab in the mobile app), your tax documents will display in the list below. You can filter out the specific type of statement you are looking for by clicking on the funnel icon next to the Statement Type header. Click on the red PDF icon to open the document.

If you are not currently enrolled in electronic tax statements, navigate to the Statements and Documents tab. Select Menu then Delivery Preferences. Click the small "+" icon near the top of the screen and click [Change to Electronic]. You will see a success message appear at the top of the screen when your preference is saved.

If you prefer to receive a hard copy, tax statements will be mailed by January 31 each year for the previous year. If you have not received your tax statement by February 15, you can request a copy via secure message (Located under the Contact Us tab in mobile and Secure Messaging & FAQs on desktop), or visit your local branch for assistance.

Yes, Third Federal will accept rollover deposits into an IRA. We will accept a rollover from a Traditional, Roth, and SEP IRAs. We also accept direct rollovers from a qualified retirement plan (QRP). Third Federal Savings will rely on the representation of the employer or plan administrator and/or the participant to ensure the funds are eligible to be deposited as a rollover.

We will report the rollover / direct rollover to the Internal Revenue Service and the customer on IRS Form 5498.

*Consulting with a tax or financial advisor is recommended before making a rollover contribution.

For the Interest Savings account, there is daily interest accrual which is compounded and paid monthly.  Usually this interest posts around the 26th or 27th of the month.  

You will receive an annual statement unless there is activity on the account such as a withdrawal or a deposit.  Interest posting alone does not count as activity.

We do offer trust accounts, however, they currently can only be opened in person at one of our branch locations.

You'll need to provide the following information when opening an individual or a joint account:

• You will need a valid Driver's License, State ID or US Passport.
• A valid U.S. address and Social Security number are required.
• You must be at least 18 years old and a U.S. citizen or a U.S. resident alien.
• You will be required to provide personal information, including your birth date.
• If you choose to fund your new account via a transfer from another deposit account at another bank, you'll need to provide the routing number and account number of that deposit account.

You have 60 days from the day we send your bank statement to dispute an ACH and claim it is unauthorized.

Currently, an IRA account may be opened by visiting your local branch in Northeast Ohio or Florida or by calling our Customer Care Service department at 1-877-324-5661. This transaction is not available online.

Traditional IRA: Contributions may be tax-deductible and the interest earned is tax deferred. Taxes are deferred until the year in which the withdrawal is made.

Roth IRA: Contributions are not tax- deductible, however, the earnings may be tax-free on qualified distributions.

SEP: A Simplified Employee Pension (SEP) is for those who own a small business or are self-employed. Taxes are deferred until the year in which the withdrawal is made.

As long as you are working, there is no maximum age to make a contribution to a Traditional, Roth or SEP IRA. Consulting with a tax advisor is recommended before making a contribution.

For more information, visit our Retirement Accounts page.

Yes, since IRA accounts are individual accounts, you can view your own IRA accounts in Online Banking.