Employees Credit Union

PWC Employees Credit Union offers Certificates as well as IRA retirement savings plans and Education savings accounts. We have competitive rates, and a low minimum deposit of $500. Certificate terms range from six months to thirty-six months.

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An Individual Retirement Account (IRA) is an excellent way to save for retirement. And depending on the type of IRA you choose, contributions may be tax-deductible and the interest income may be tax-deferred or tax-free. Please consult with your tax advisor to help you determine which IRA presents the best retirement savings plan for you.

There are three types of IRAs available at PWC Employees Credit Union.

Traditional IRA

Contributions to a Traditional IRA are fully tax-deductible if you are not an active participant in an employer retirement. Please note, Prince William County government employees are participants in the county’s 401K Retirement Plan, and therefore may not be eligible to establish a Traditional IRA retirement plan with the Credit Union. The annual contribution limit to a Traditional IRA in 2019, 2020, and 2021 is $6,000, or $7,000 if you’re age 50 or older. Earnings on a Traditional IRA are tax-deferred, meaning taxes will be paid at the time of withdrawal. You must start taking distributions from a Traditional IRA at age 70 1/2. Also, for 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs after age 70 1/2.

Roth IRA

As long as you have earned income, you can establish and contribute to a Roth IRA, even after age 70 1/2. Contributions are not tax-deductible, but the contributions and earnings can be withdrawn tax-free. Also, you are not required to take distributions after reaching 70 1/2. In addition to the general contribution limit that applies to both Roth and traditional IRAs, your Roth IRA contribution may be limited based on your filing status and income. Please use the links below to go to the IRS website to see these contribution limits.

Coverdell Education Savings Account (ESA) formerly Education IRA

The designated beneficiary for a Coverdell Education Savings Account must be an individual under the age of 18 at the time of opening the account. Distribution must be complete 30 days after the beneficiary reaches age 30. The annual contribution to a Coverdell Education Savings Account is $2,000. There is no tax deduction for contributions to an ESA, but the earnings are tax-free. ESA funds can be used to pay qualified elementary and secondary school expenses, as well as for higher education expenses. This is a great way for parents, grandparents and other to help meet the rising costs of a student’s education.


US Marine Corps Museum
US Marine Corps Museum

Photo courtesy of Prince William County/
Manassas Convention & Visitors Bureau

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