Can I transfer my IRA at another financial institution to MetLife Bank?

Yes, you may transfer your current IRA to MetLife Bank at any time. Please contact a Banking Advisor at 1-866-BankMet (1-866-226-5638) to learn more.

Can I roll over funds from my employer sponsored retirement plan to my MetLife Bank Traditional IRA?

Yes, you may roll over funds from specific employer sponsored retirement plans to a MetLife Bank Traditional IRA. Please contact a Banking Advisor at 1-866-BankMet (1-866-226-5638) to learn more.

Can I roll over funds from my employer sponsored retirement plan to my MetLife Bank Roth IRA?

Direct rollovers from employer sponsored plans to Roth IRA are not permitted until 1/1/2008. Please contact a Banking Advisor at 1-866-BankMet (1-866-226-5638) to learn more.

What is the maximum annual contribution I can make to a MetLife Bank IRA?

You may be able to contribute up to $4,000 a year ($5,000.00 if you are over age 50) for the tax year 2007, as long as that money is considered earned income. The contribution limit is increased to $5,000.00 a year ($6,000.00 if you are over age 50) for the tax year 2008. You should consult your tax advisor for any potential tax implications before establishing or making contributions to an IRA.

What is the deadline for making a regular contribution which is to be applied to the prior tax year?

The envelope in which your deposit is mailed must be postmarked by the tax filing deadline, usually April 15th.

Who can contribute to a MetLife Bank IRA?

Traditional IRAs: Anyone with earned income can contribute. However, you can not contribute to your Traditional IRA for the tax year in which you reach age 70 1/2 or for any year thereafter. You should consult your advisor prior to establishing or contributing to a traditional IRA account.
Roth IRAs: For the tax year 2007, anyone with modified adjusted gross income below $114K (single taxpayer) or $166K (married, filing jointly) can contribute. You should consult your advisor prior to establishing or contributing to a Roth IRA account.

How do I make additional deposits into my new IRA Certificate of Deposit (CD)?

Additional contributions to IRA CDs are only permitted at the CD's maturity date or during the grace period. You can make additional deposits to your MetLife Bank IRA Money Market Accounts at any time. Please contact the Bank for the necessary paperwork.

Can I change the beneficiary(ies) on my IRA account?

Yes, you can change your beneficiary(ies) as many times as you wish . Please contact the Bank for the necessary paperwork.

How long will it take for MetLife Bank to send for my funds from my current financial institution or employer?

• Once we receive your completed Transfer Request or Direct Rollover Request form, we will mail it to the current Trustee/Custodian or Plan Administrator within 24-48 hours.
• We will send you a letter the same day we send for the funds confirming we have mailed the form to the other institution.
• We will post the funds to your account as soon as we receive them from the current Trustee/Custodian or Plan Administrator.

Can I directly roll over my deceased parent's Qualified Retirement Plan to a beneficiary IRA at MetLife Bank?

Yes, we can establish a beneficiary IRA for you and collect the funds. Please contact a Banking Advisor at 1-866-BankMet (1-866-226-5638) to learn more.