IRA FAQ
Q: Does WELS CEF offer IRA Certificates?
A: Yes, you may purchase a Retirement Certificate to hold an Individual Retirement Account (IRA). To do so you will need to open an IRA account with Reliance Trust Company, which acts as our third-party custodian.
Q: Who do I contact with questions about my Retirement Certificate?
A: Your rights and responsibilities with respect to your IRA will be determined by your direct agreement with Reliance Trust Company, which can be reached at 1-800-749-0752.
Q: Are there additional fees involved with owning a Retirement Certificate:
A: Reliance Trust Company charges a $45 annual account fee to maintain your IRA, which is standard custodial practice. That fee is payable directly to Reliance Trust Company, who will maintain all IRS required records and notify you with information as legally required.
Q: What is the minimum amount required to open a Retirement Certificate?
A: The minimum investment to open a WELS CEF Retirement Certificate is $5,000. You are permitted to make additional investments to your outstanding Retirement Certificate, up to one time per month, provided such additions are at least $100 and are permitted by applicable Internal Revenue Code provisions and regulations.
Q: Does my IRA Retirement Certificate help build churches, like other WELS CEF investments?
A: Yes. Even though your Retirement Certificate is administered by Reliance Trust Company, it is invested with WELS CEF and those funds are made available for loans to mission congregations.
Q: Can I receive my investment when I need it in retirement?
A: Yes, if you are over age 59-1/2 you can begin taking withdrawals from your retirement certificate in the form of quarterly interest payments. If you are over age 70-1/2 and your Required Minimum Distribution (RMD) is more than the interest payments we will waive the early withdrawal penalty to the amount needed to satisfy your RMD as required by IRS rules.