Withdrawal Fees and Penalties
There is no administrative fee or penalty for withdrawing money you contributed to your Roth IRA. Those contributions are your money, and you have already paid taxes on them.
If you have previously elected to recharacterize to a Traditional IRA, withdrawals for both contributions and earnings from a Traditional IRA may be taxable and subject to a 10% early withdrawal penalty if taken before age 59 ½.
Please consult a tax professional or financial advisor to understand what rules and restrictions apply to your situation.
Withdrawal Administrative Fees
- ACH transfer to a bank account: no fee
- Paper check: $5 check processing fee
Closing An Account
There are no fees for closing your account.
Program Fees
OregonSaves has an annual asset-based fee of approximately 0.50%. This means you’ll pay approximately $0.50 for every $100 in your account. The fee pays for the administration of the program and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested. There is also an account fee that is assessed as $4.00 each quarter. We will not bill you for these fees; they’ll be deducted from your account.