The Remington Federal Credit Union Annual Meeting will be held on April 24th, 2010 at Francessca's (144 E. Main St.) in Ilion, NY. The meeting will include the election of the Board of Directors and feature a buffet dinner. A DJ will provide entertainment. There will also be drawings for cash and prizes. Members pay $5.00. Non-Members pay $10.00.

If anyone is interested in being a member of the Board of Directors, please notify Stephen Jones to receive an application packet. All completed applications for the Board of Directors should be directed to Terry Slocum before March 31, 2010. The Board members up for election at this time are Terry Slocum, Dave Brewer, and Gerry Gage.

The Supervisory Committee is also interested in new members This group reviews credit union polices and verifies information for the Board of Directors. If anyone is interested in becoming a member of the Supervisory Committee please call Steve Jones or Cliff Lane.

When you are deciding between a Roth and a traditional IRA you need to consider the tax implications. Traditional IRA’s allow you to deduct the amount you put in the account on a tax-deferred basis. This lowers your tax in the year you put the money in the account it will increase your taxes when you take it out of the account.

If you think your income or the tax rate will continue to increase you may be better off in a Roth IRA as you do not get to deduct the income from current taxes but the gains in the account may grow without paying taxes on the money. There are limitations for the reasons to take the money out tax exempt as well as a waiting period of 5 years.

Deciding between these accounts has a major difference in your tax liability and the decision should be made with a tax professional.

Remington FCU offers a traditional IRA. We do not offer the Roth IRA.

Due to a continued decrease in the investment rates, Remington FCU has made a reduction in the rates for our savings, club and money market accounts. All of these accounts will now earn 1.00% with a .98% APY. This is still roughly four times the average for savings accounts nationwide. We regret the need to lower these rates and thank you for your continued patronage.