The FCSU offers you several programs specifically designed to help you accumulate tax deferred savings for retirement: The 8 Year Flexible Premium Deferred Annuity, Park Free Plus Annuity , a 6 Year Flexible Premium Deferred Annuity, a Single Premium Immediate Annuity, an Individual Retirement Account (IRA), a Roth IRA Account, a Park 2 Annuity, and a Fixed Rate 6-Year Annuity.

8 Year Flexible Premium Deferred Annuity

The 8 Year Flexible Premium Deferred Annuity is ideal for members planning long term investment of their annuity funds.

Features of the 8 Year Flexible Premium Deferred Annuity include:

• The interest rate will be .25% higher than the rate on the Six Year Flexible Premium Deferred account.
• The FCSU guarantees your deposits will accumulate interest at no less than 3.0%.
• No additional deposits are permitted during the first policy year. Additional deposits will be accepted after the first year.
• Your interest will be added to your account. The Cash Interest Option is not available.
• Withdrawal Privileges - Since annuities are meant to be long-term investments for providing retirement funds, funds withdrawn during the first eight years of your contract are subject to an FCSU Early Withdrawal Charge.
• After eight years, even if you do not incur an FCSU Early Withdrawal Charge, withdrawals before age 59 1/2 may be subject to a federal tax penatly.
• Tax on the interest earned is deferred until the annuity funds are drawn.

Park Free Plus Annuity

Under the Park Free Plus Annuity, you make a low minimum deposit the first year of $1,000.00 and earn an interest rate of 3.50% (3.440% APR). This initial interest rate is guaranteed for the entire first year of the Annuity policy.

At the first anniversary of the policy, the Annuitant has 15 days to elect an option:

• Withdraw the full value of the accumulated Annuity funds (principal plus interest) without incurring a surrender charge. (If the funds are withdrawn prior to the first anniversary of the policy, a 6% surrender will be imposed on the funds withdrawn).
• Continue the Annuity for an additional five years. The interest rate at the time will be based on the interest rate established by the Society on the regular Flexible Premium Deferred Annuity. This rate is published in the official publication and on our website.
• If the policy is continued, the Annuitant may withdraw up to 10% of the policy's cash value at the beginning of each policy year, without incurring a surrender charge. (Early withdrawals may be subject to IRS penalties).
• If the policy is continued, withdrawals that exceed 10% of the policy's cash value will incur a surrender charge of 5% in the second year and withdrawal charges will decrease by 1% each year until the end of the sixth year from the issue date.

Other features of the Park Free Plus Annuity include:

• Inital deposit may be as low as $1,000.00. The maximum deposit may be as high as $100,000.00. No additional deposits are permitted during the first year.
• Additional deposits of $1,000.00 or more will be accepted at any time after the first year.
• At the end of the six year policy period, the Annuitant has the option to continue to a new maturity date, or convert the policy to any Annuity product offered by the FCSU at that time.
• Taxes on all interest earned on the Park Free Plus Annuity and any subsequent policy selected, will be deferred until the funds are withdrawn.

6 Year Flexible Premium Deferred Annuity

Under the 6 Year Flexible Premium Deferred Annuity, you make periodic payments into an annuity fund that accumulates interest at (or greater than) the guaranteed annual rate. Deposits (a minimum of $25) may be made either regularly (monthly, quarterly, semiannually, or annually) or irregularly as your financial situation allows. You may also make a one-time deposit. At the retirement age you choose, the funds accumulated in the 6 Year Flexible Premium Deferred Annuity may be withdrawn using any of the FCSU's lump sum or periodic income settlement options.

Other features of the 6 Year Flexible Premium Deferred Annuity include:

• The FCSU guarantees your deposits will accumulate interest at no less than 3.0%. At present, the FCSU is paying 4.15% (4.066% APR) interest on the 6 Year Flexible Premium Deferred Annuities.
• Your annuity continues to accumulate interest after you have stopped contributing and have begun to receive retirement income. The interest rate you receive on your annuity after settlement will never be less than 3.0%.
• Death Benefit - If you die prior to settlement, your beneficiary receives the full cash value of the annuity. If you die while receiving retirement benefits, the remaining value of your guaranteed benefits will be paid to your beneficiary.
• Withdrawal Privileges - You may withdraw any or all of the annuity 's cash value. However, withdrawals before age 59 1/2 are subject to a federal tax penalty.
• Since annuities are meant to be long-term investments for providing retirement funds, funds withdrawn during the first six years are subject to an FCSU Early Withdrawal Charge.
• Tax on the interest earned is deferred until the annuity funds are withdrawn.
• A Minimum deposit of $500 is required. 

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Single Premium Immediate Annuity

Under the FCSU's Single Premium Immediate Annuity, you deposit a single sum with the FCSU and begin receiving regular payments depending on the payment schedule you choose. Payments must begin within one year. The Death Benefit and Withdrawal features listed under the Flexible Premium Deferred Annuity apply to the Single Premium Immediate Annuity also.

The interest rate you receive on settlement will never be lower than 3.0%. Our current interest rate on Single Premium Immediate Annuities is 3.65% (3.585% APR).
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Individual Retirement Account

The Individual Retirement Account (IRA) may be established as either a Flexible Premium Deferred Annuity or a Single Premium Immediate Annuity. The features are the same, however, certain restrictions apply.

The current interest rate is 4.15% (4.066% APR).

• You must be under 70-1/2 years old to open an IRA or contribute to an existing IRA.
• You must be receiving employment income.
• Contribution amounts limited.
• Benefits must begin by age 70-1/2.
• Tax deduction limits for your IRA contribution vary. See your tax advisor for specific tax guidelines.
• A Minimum deposit of $500.00 is required.

Roth IRA Account

The Roth IRA Account may be established as either a Flexible Premium Deferred Annuity or a Single Premium Immediate Annuity. The features are the same, however, certain restrictions apply.

The current interest rate is 4.15% (4.066% APR).

• You must be receiving employment income.
• Eligibility is based on income amounts.
• Contribution amounts are limited.
• Contributions are not tax-deductible. See your tax advisor for specific tax guidlines.
• Do not have to begin taking benefits at any certain age.
• Withdrawals can be tax-free.

Under the “Park 2 Annuity”, you make a one-time deposit of at least $1,000.00 into an annuity fund that accumulates interest at a guaranteed rate for two years. Additional deposits are not allowed. 

The current interest rate is 3.50% (3.440% APR).

Features of the “Park 2 Annuity” include:

• The FCSU guarantees your initial interest rate for two years.  After two years, your funds will continue to accumulate interest at no less than 3.0%.
• The “Park 2 Annuity” can be converted to any of the FCSU Annuity Plans at any time.
• The “Park 2 Annuity” is not applicable to any settlement option or interest option.
• Withdrawal Privileges-Funds withdrawn during the first two years are subject to an FCSU Early Withdrawal Charge.  The charge is 6% the first year and 5% the second year.  You may, however, withdraw up to 10% of your ‘beginning of the year balance’ with no FCSU Early Withdrawal Charge.
• Even though you may not incur an FCSU Early Withdrawal Charge, withdrawals before age 59 ½  may be subject to a federal tax penalty.
• Tax on the interest earned is deferred until the annuity funds are drawn.
• The minimum deposit is $1,000.00.

Fixed Rate 6-Year Annuity

The perfect alternative to the low C.D. rates and avoid market volatility.  Our Fixed Rate 6-Year Annuity will yield a much higher interest than other current low C.D. rates available.  The rate is guaranteed for 6 years with no interest rate fluctuation or changes, and cannot be callable or offer shorter maturities 's such as bank C.D.'s.  You have the power of annuity tax deferral unlike the taxable interest on bank C.D.'s.  The Fixed 6-Year Annuity allows for a safe, secure and competitive investment for your IRA funds with the opportunity to lock in a competitive rate for 6 years and avoid the turmoil of stock market volatility.

Your interest rate for 6-years is now set at 3.75% (3.682% APR).

Features and terms include:

• Interest rate fixed for 6-years.
• 10% penalty free annual withdrawal (based on contract cash value at the beginning of each year).
• 6-year withdrawal penalty period:  1st year-6.0%, thereafter reduces 1% each year for the next 5 years.  Bank CD withdrawal penalties are much higher.
• Not applicable to any settlement option annuity funds, or interest only annuities.
• Annuity withdrawal prior to age 59 1/2, subject to Federal Excise Tax Penalty.
• Minimum deposit $5,000.00

** Rates are effective August 1, 2010.