Generally, the amount someone must withdraw depends on the account balance and the anticipated life expectancy of the account holder. Anticipated life expectancy is determined by the Uniform Lifetime guidelines established by the US Treasury.
You will need to complete a withdrawal form that can be picked up at any of our branches or we can mail one to you. You may withdraw an amount higher than the calculated amount. Withdrawing less will result in a 50% excess accumulation penalty.
We have an option for you to set your IRA to automatically make your annual distributions on a monthly, quarterly or annual basis.
Contact us at 503.239.5336 or 800.982.2974 or memberservices@ofcu.com to determine the amount of your RMD.
