Rates As Low As:
Credit Card
✓ Low APR*
✓ Cash Advances
✓ Low Minimum Payment
Auto Loan
✓ Excellent Rates
✓ Refinance and Save
✓ Gap Insurance & Warranties
Mortgage
✓ Low APR*
✓ Loan Counseling
✓ Variable and Fixed Rates
*APR = Annual Percentage Rate
Join Our Community
Philanthropy is at the top of our list as we strive to partner with our communities and give back with any opportunity that we can. This is reflected not just in what we pay back to our members, but all we do for the areas around us. As a credit union, it is our duty and responsibility to look after and support, not just our members, but also the communities that they work and reside in. Whether it’s a festival downtown or our annual golf tournament, we thrive on being able to connect with our community. MC Federal truly enjoys volunteering and helping charities and foundations as much as we can. We have a wonderful group of employees who volunteer their own time and are proud to represent our credit union.
Our growth over the years is a sign of confidence in the strength and security that our members have come to expect. In addition to peace of mind, we offer great service built upon the credit union philosophy of “people helping people.” Our corporate values drive every decision we make. The trust between us and our members encapsulates our mission statement to be the best full service financial institution in the areas we serve. Given our strong values and commitment to community, MC Federal Credit Union is expanding opportunities for membership to better serve our communities.
News & Events
Changes are Coming to Individual Retirement Accounts
In the coming weeks, MC Federal Credit Union members with an Individual Retirement Account (IRA) will receive a Disclosure Statement Amendment. The Amendment explains changes that impact your IRA. These changes stem from the Further Consolidated Appropriations Act and Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law in December 2019. This amendment also incorporates changes stemming from the Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law in March 2020. Some of the changes are as follows:
- For Traditional IRAs, a change is being made to the Required Minimum Distribution or RMD. RMDs are the minimum amounts you must withdrawal from your retirement account(s) each year. Beginning in 2023, for an IRA owner born on or after July 1, 1949, the RMD age has been raised to 73.
- IRA owners will be able Âto make contributions to their IRAs, regardless of their age, as long as they are employed. This applies to both Traditional and Roth IRAs.
- A new early distribution penalty tax exception will be offered for qualified births and adoptions. IRA owners will not be subject to the 10% early distribution penalty tax if taken within one year of the child’s birth date or legal adoption date. The amount withdrawn may not exceed $5,000.00. This offering also allows for the repayment of qualified birth and adoption distributions.
- If a 529 College Savings Plan was established for you, and you choose not to use it for education expenses, effective January 1, 2024, you may roll the plan into a Roth IRA in your name. This option is available once the plan has aged 15 years.
This is a general description of the changes that will be outlined in your Disclosure Statement Amendment. We recommend that you review the document in its entirety and store it with your other important IRA documents for future reference.
If you have questions about your IRA or are interested in starting your retirement plan, reach out to a knowledgeable member of our team by calling 800.834.0082, visiting our website, mcfcu.org, or stopping in a local branch.
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