No-Fee IRA
Volumetric Fund offers a variety of "no-fee" retirement accounts for individuals (both traditional and Roth IRAs), corporations (pension plans) and the self employed (SEP, Individual 401(K)).
If you open, transfer or rollover an IRA or SEP account into Volumetric Fund, there are no set-up or annual fees. For further information please see our Prospectus or Summary Prospectus.
Individual Retirement Accounts
Below are general guidelines to the various retirement accounts available and should not be considered official information. While this gives a general outline, please contact your tax accountant for any tax advice and eligibility.
Traditional - Individual Retirement Account (IRA)
Traditional IRAs
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Overview: Allows working individuals to contribute earnings towards retirement. Earnings and qualified contributions are tax deferred until withdrawn. This may also be funded for a non-wage earning spouse.
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Contribution Deductibility: For 2024 is the lesser of $7,000 ($6,500 for 2023) or your earned income for the year. If you are age 50 or older before the end of the calendar year you may contribute up to $8,000 for 2024 ($7,500 for 2023). It is fully deductible, if not covered by a retirement plan at work. If a work retirement plan is available, deductibility will be determined by your filing status and your Adjusted Gross Income (AGI).
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Eligibility: There is no age restriction on making regular contributions to traditional or Roth IRAs. You must have earned income.
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Tax Advantage: It grows tax free. Therefore, taxes on gains, dividends and interest are deferred until the money is withdrawn
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Withdrawals: taxed as ordinary income except those that are classed as non-deducible contributions.
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Timing: Withdrawals may potentially be taken without penalty in certain situations, including but, not limited to:
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Reaching age 59½
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death or permanent disability
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first-time home purchase ($10,000 lifetime maximum)
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qualified higher-education expenses
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substantially equal periodic payments
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Penalty: Other withdrawals may incur a 10% penalty tax
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Required Distribution: Age 73 (may be different if born prior to January 1, 1951). Check with your tax preparer.
Roth - Individual Retirement Account (IRA)
Roth IRAs and Roth Conversion IRAs
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Overview: A Roth IRA accepts only non-deductible contributions, but all earnings and subsequent qualified distributions are tax-free
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Contribution Limit: For 2024 is the lesser of $7,000 ($6,500 for 2023) or your earned income for the year. If you are age 50 or older before the end of the calendar year you may contribute up to $8,000 for 2024 (2023 for $7,500)
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Contribution Deductibility: None
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Eligibility: Anyone with an adjusted gross income below the IRS limits
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Tax Advantage: Tax-deferred growth and tax-free qualified withdrawals
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Withdrawals may potentially be taken without penalty, 5 years after a Roth was established, in certain situations, including but, not limited to:
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Reaching age 59½
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Death or disability
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First-time home purchase (up to $10,000)
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Required Distribution: No required distribution starting date or amount until the death of the account holder
Roth Conversions - Traditional IRAs, SIMPLE IRAs and SEP IRAs can be converted by paying income taxes (but no tax penalties) on the IRA distribution before rolling over to a Roth IRA.
Retirement accounts can offer a great tax benefit! We offer several different types of individual and business retirement accounts. Learn more how you can benefit. You may want to consult your tax adviser which plan is best for your tax situation.
Start a Retirement Account
Do you have assets you would like to transfer in or rollover to Volumetric Fund from a 401k Plan, past employee retirement account, IRA, annuities, etc? We can help! Call us today at 800-541-FUND or email us at info@volumetric.com.
Transfer In Another Retirement Account
Business Retirement Accounts
Below are general guidelines to the various retirement accounts available and should not be considered official information. While this gives a general outline, please contact your tax accountant for any tax advice and eligibility.
SEP
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Overview: The Simplified Employee Pension (SEP) IRA is a program that permits employers to make tax deductible contributions on behalf of themselves and their employees without complicated administration and high cost
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Advantages of SEP:
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Plan documents are simple and easy to administer
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Flexible contribution percentage from year to year
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Requires no non-discrimination testing or Form 5500 filings
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Administration cost is low
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Annual Contributions:
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Employer: Discretionary contribution allocated uniformly. Total contributions per employee are the lesser of 25% of compensation or $69,000 for 2024 ($66,000 for 2023)
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Employees: May make their normal IRA contribution to the IRA funding the SEP. These contributions are treated in the same manner as contributions to a traditional IRA
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Availability to: Any employer can establish a SEP
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Deadlines: Established and funded by tax filing deadline, including extensions
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Vesting: Immediately 100% vested
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Loans: Not Available
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Withdrawals: In-service withdrawals permitted, subject to income tax and 10% early withdrawal penalty may apply (see IRA Withdrawals)
SIMPLE IRA
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Overview: The Savings Incentive Match Plan for Employees (SIMPLE IRA) permits employers to offer a salary deferral plan to their employees without complicated administration and high cost
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Advantages of SEP:
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Includes features of a 401(k) plan, such as salary deferrals, but is easier to administer
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Requires no top-heavy, non-discrimination testing, or IRS Form 5500 filings
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Administration responsibilities are few and cost is low
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Annual Contributions: Employer: Required contribution allocated uniformly using one of two methods:
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100% matching contribution on salary reduction contributions up to 3% of compensation, or
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Non-elective contribution for all eligible employees of 2%
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Employees: pretax deferrals up to $16,000 in 2024 ($15,500 for 2023), plus $3,500 catch-up contribution for age 50 and over.
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Availability to: Employers with 100 or fewer eligible employees and those who generally offer no other tax-advantaged savings plans during the current year
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Deadlines: May be set up on any date between January 1 and October 1 provided the plan sponsor did not previously maintain a SIMPLE IRA plan. If the plan sponsor previously maintained a SIMPLE IRA plan, a SIMPLE IRA may only be set up on January 1
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Matching and non-elective employer contributions must be made to the financial institution maintaining the SIMPLE IRA no later than the due date for filing the employer’s income tax return, including extensions, for the taxable year that includes the last day of the calendar year for which the contributions are made.
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Vesting: Immediately 100% vested
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Loans: Not Available
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Withdrawals: Somewhat similar to IRA withdrawals rules, withdrawals may be subject to income tax and 10% early withdrawal penalty.
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Note: If the withdrawal occurs during the 2-year period beginning on the date on which the individual first participated in and SIMPLE IRA plan maintained by the employer, the 10% penalty may be increased to 25%
For further details about retirement options, please call us at 800-541-FUND.
Additional Retirement Information
For official retirement account information, visit the Internal Revenue Service's (IRS) website:
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-800-541-FUND. Distributed by Ultimus Fund Distributors, LLC. (Member FINRA)