Retirement Plan - Antigua SDA Cooperative Credit Union Ltd.

Members must be 50 years and under to qualify

The Retirement Saving Club is available to members 18 to 65 years old.

Members must be 50 years and under to qualify.

Current members can begin with a Minimum of EC$I00.00.

Prospective members, to activate this account, require a job letter, proof of address, two (2) picture identification: Passport and any other.

This minimum monthly deposit must be maintained.

Criteria for withdrawals or closure of the Retirement Savings Plan are as follows:

Notice of five (5) days must be given to the management of the Credit Union for any emergency withdrawals or closure of the Retirement Savings Plan.
Any withdrawals before the maturity date will result in 5% of the accumulated interest retained by the Credit Union.
Members can withdraw up to l0% of their savings for a medical emergency without incurring a penalty. However, the relevant medical bills or proposals must be presented in support of the withdrawal.

Members are allowed to use up to fifty percent (50%) of their Retirement savings as loan security for future investment, such as education, home improvement, purchase of land and major medical expenses.

The interest rate is calculated on the minimum quarterly balance and will be paid annually. The rate is subject to change at any time by the Credit Union based on market conditions.

At age sixty-five (65) the SDA Credit Union will disburse the amount accumulated in one lump

sum or, as decided by the retiree, be transferred to his/her regular savings.