Retirement Accounts at PSFCU Buy a Car with Establishing a Reliable Retirement Plan with Your Tax Advisor
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Our Credit Union Vol. 7 | No. 1 (73) | Year 2020 January 2020 MONTHLY NEWSLETTER OF THE POLISH & SLAVIC FEDERAL CREDIT UNION Dear Members, IS&T departments, and Member Services for such fruitful and close cooperation. Center. Special thanks go to my colleagues, PS- On January 30, After ten years, the Polish & Slavic FCU employees, who meet with you and 2010, the Polish & Federal Credit Union has also become assist you on a daily basis, without whom Slavic Federal Cred- an integral part of the Polish-American the success of Our Union, not only in Il- it Union opened its community in Chicagoland. Like in the linois, would not have been possible. It is first two branches East Coast, we have actively participated worth noting that PSFCU would not suc- in Illinois, locat- and sponsored countless events, organi- ceed in Illinois without a specific vision ed in Norridge and zations and parishes in the Polish com- of the institution’s development and its Mt. Prospect. It was a very important and munity. consistent implementation by a group of groundbreaking event for our institution. Beyond any shadow of a doubt, I can volunteers gathered in the PSFCU Board PSFCU services and products began to say that the decision to open PSFCU of Directors and Supervisory Board. reach Poles and Americans of Polish ori- branches in the Chicago area, although I am positive that the first ten years gin living in the largest Polish diaspora in burdened with some risk at that time, of PSFCU’s presence in Chicago are just the world. Thus, by entering a completely was right on target. This is proven, among the beginning of a much longer history of new market, the dynamics of Our Union’s others, by the above-mentioned facts and building strength and prosperity for Pol- development increased significantly. Af- numbers. I would like to thank all of you ish community both in Illinois and there- ter ten years, we have six branches in the who have contributed to this success: fore throughout the United States. Chicago area, which are used by almost first of all, members of Our Union from I wish you and the entire Polish com- 25,000 members. At the end of November, the State of Illinois, who from the first munity in the United States a happy, suc- PSFCU members in Illinois entrusted us day showed our institution great kind- cessful and abundant New Year 2020. with nearly 235 million dollars in depos- ness and trust. We are thankful to all its, and our loan portfolio was over 305 Polish diaspora organizations, especially: Sincerely, million. the Alliance of Polish Clubs in the USA, During these ten years, 6.5 thousand the Polish Highlanders Alliance in North Bogdan Chmielewski PSFCU members residing in Illinois have America and the Copernicus Foundation PSFCU President/CEO benefited from our mortgage loans, for a total of 1.5 billion dollars. Thanks to A Christmas Party with Our Credit Union our auto loans, 4,161 PSFCU members living in Illinois purchased new cars, at the same time we granted 1,454 consum- er loans throughout the state. It is worth adding that in the State of Illinois we have 69 highly qualified and dedicated employees, who are employed not only in six branches, but also represent loan, PSFCU In Numbers information as of November 30, 2019 Assets $2,060,427,774 Loans $1,160,579,868 Bishop Witold Mroziewski at New York Christmas Party Net Worth It has been a tradition for several years that Wishing all guests and members of Our $208,191,489 at the beginning of December there are Union a Merry Christmas and a Happy New Christmas Parties at Our Union for PSFCU Year, the chairman of the Board of Directors Number of Members Members and Friends. Like in previous Krzysztof Matyszczyk reminded that 2019 years, three events were organized respec- was a special year in the history of the Po- 100,639 tively in New York, New Jersey and Illinois. ...continued on page 2 Our Credit Union | January 2020 | 1.855.PSFCU.4U (1.855.773.2848) | www.psfcu.com A Christmas Party with Our Credit Union - continued ...continued from page 1 lish & Slavic Federal Credit Union. In May of this year, Our Union exceeded 2 billion dollars in assets, while in August the number of PSFCU Members exce- eded one hundred thousand. Chairman Matyszczyk remarked, “We also opened two new branches: in Stroudsburg, Pen- nsylvania and then in Chicago’s metro- politan area, Orland Park.” Bogdan Chmielewski, PSFCU Presi- dent/CEO, addressed PSFCU guests and Members, “Thanks to [our PSFCU Mem- bers’ loyalty, support, and trust] we can jointly create a stronger Polish commu- nity in the U.S. Our Union was present or involved in almost 500 different Polish Christmas carols performed by the Slask Song and Dance Company community events. I think that there is were the highlight of the evening at Wallington, NJ no other institution of this kind in the Among the guests there were repre- community associations and outstanding Polish-American community, and we are sentatives from PSFCU sponsorship or- members of Our Union from New York, very proud of this.” ganizations, as well as schools, Polish New Jersey and Illinois. As in previous years, priests from local parishes dedica- ted traditional holy wafers (in New York, they were consecrated by the bishop of the Diocese of Brooklyn, Bishop Witold Mroziewski), which were distributed among the guests by members of the PSFCU Board of Directors and the Su- pervisory Board. There would be no real Christmas Party without traditional Polish carols. In New York, the famous singer Grażyna Auguścik sang interesting jazz versions of carols and pastorals. In New Jersey, Po- lish carols were sung by members of the “Slask” Song & Dance Ensemble, while in Illinois the guests had the opportunity to listen to carols performed by representa- Some of the attendees of the Christmas Party in Illinois tives of the Polish Highlanders Alliance in North America. For the Homeless and Lonely During Christmas, Our Union also re- the Consulate General of the Republic tion Hall at the St. Hyacinth Basilica members homeless and lonely people, of Poland in New York. Our guests had in Chicago in the popular “Jackowo”. who often do not have the chance to the opportunity to carol together with a The ceremony was led by the rector of participate in Christmas Eve supper. children’s choir, eat Christmas dishes, the Basilica, Stanisław Jankowski, who As in previous years, the Pol- share a wafer and spend time in a fes- was assisted by priests from the parish ish-Slavic Federal Credit Union hosted tive, home-like atmosphere. and dozens of volunteers. The meet- homeless and lonely people from New In line with the annual tradition, the ing was attended by over five hundred York. In the community room at head- PSFCU was also the sponsor of Christ- people from Chicago and the surround- quarters at 100 McGuinness Blvd an mas Eve for lonely, elderly and home- ing area, and each person in need re- annual Christmas meeting for the most less people in Chicago. For over twenty ceived a Christmas package prepared needy members of the Polish commu- years, the campaign has been organized by good-hearted people. nity abroad was organized by the SOS by Polish Radio 104.7FM / 1030AM. As Homeless volunteer organization Erica in previous years, Christmas Eve took Volker, in cooperation with PSFCU and place on December 24 at the Resurrec- 2 Our Credit Union | January 2020 | 1.855.PSFCU.4U (1.855.773.2848) | www.psfcu.com Individual Retirement Accounts at PSFCU Buy a car with Establishing a reliable retirement plan with your tax advisor. IRA accounts are PSFCU is one of the most important steps in regulated by Federal law and the IRS achieving financial stability for when holds account holders responsible for all you retire. Whatever your retirement decisions regarding those accounts. Even after the Christmas, it’s good goals and needs are, an IRA (Individual Traditional IRA time to make yourself a gift and buy a Retirement Account) with the Polish & car. At PSFCU, we’ll help you make the Slavic Federal Credit Union will help Contributions you make to a Traditio- right decision: we’re running an auto you achieve a financially sound retire- nal IRA may be fully or partially deduc- loan promotion through the end of Jan- ment. tible, depending on your circumstances, uary 2020. The PSFCU offers Traditional and and are tax-deferred until distributed. Roth Individual Retirement Accounts The deduction may be limited if you or Drive into winter with a hot auto loan (IRAs), which allow you to invest ad- your spouse is covered by a retirement as low as 1.99% APR for new cars and ditional funds on the terms that you cho- plan at work and your income exce- 2.99% APR for used vehicles. To get the ose, while maintaining control over your eds certain levels.3 Distributions are interest rates above, you must sign up for investments.1 Both accounts feature tax required to be taken by Traditional IRA auto loan payment from your checking benefits, and the amount you contribute owners at age 70 1/2. Distributions prior account at the Polish & Slavic Federal to a Traditional or Roth account depends to age 59 1/2 are considered early distri- Credit Union. Without auto payment, the on the qualification requirements esta- butions and are subject to an early distri- interest rate is higher by 0.25%. blished by the United States Federal go- bution penalty.