Personal, Friendly Service The 43rd Annual Membership Meeting of Domino Federal Credit Union will be held on Friday, March 27, 2015, at the Mattie Lanier Richey Center located 101 Sportsplex Drive, Atlanta, TX, 75551. The business meeting will begin at 6:30 p.m. (doors open at 6:00 p.m.). During the brief meeting, reports will be received and a vote taken for two positions on the Board of Directors. The terms of Stan Roberson and Shirley Green will expire at this meeting. There will be give-a-ways, refreshments and a special drawing for cash prizes. Make plans now to attend this important and informative meeting. We look forward to seeing each of you there! The following two people have been nominated by the Nominating Committee to fill the two expiring terms of the Board of Directors. There will be no nominations accepted from the floor according to the By-Laws of the Credit Union if there is at least one nominee for each of the two positions being voted on. Election will be by ballot and will be conducted at the 2015 Annual Membership Meeting. Shirley Green has been a credit union member for 50 plus years and a member of Domino Federal Credit Union since 1977. She presently serves on the DFCU Board of Directors since 2007 and served as Chairman of the Supervisory Committee for over 25 years. Shirley is retired from International Paper Company and currently works three days a week at Hospice of Texarkana/Hope. She resides in Texarkana, Tx. Stan Roberson has been a member of Domino Federal Credit Union for 28 years. Stan has served on the DFCU Board of Directors since 1988 and currently holds the office of Vice Chairman of the Board and has previously served as Chairman of the Board. He has been employed with International Paper Company since 1981. He resides in Texarkana, Tx. HOLIDAY CLOSINGS: Martin Luther King. Jr. Monday, January 19th Presidents Day February Monday, 16th OFFICE LOCATIONS: INTERNATIONAL PAPER MILL (903) 796-7909 Fax: (903) 796-9901 Monday – Friday 8:30 a.m.– 4:30 p.m. TEXARKANA 2208 Kennedy Lane (903) 792-8651 Fax: (903) 792-2684 Lobby Monday – Friday 8:30 a.m. – 5:00 p.m. Drive Thru Monday – Friday 8:00 a.m. – 5:30 p.m. ATLANTA 901 W. Main (903) 796-0004 Fax: (903) 796-0640 Lobby Monday – Friday 8:30 a.m. – 5:00 p.m. Drive Thru Monday – Friday 8:00 a.m. – 5:30 p.m. LIBERTY EYLAU 4702 S. Lake Drive (903) 832-3906 Fax: (903) 838-2689 Lobby Monday – Friday 8:30 a.m. – 5:00 p.m. Drive Thru Monday – Friday 8:00 a.m. – 5:30 p.m. AUDIO TELLER (903) 794-RITA (7482) BOARD OF DIRECTORS Leonard Griffin, Chairman Stan Roberson, Vice-Chairman Shirley Green, Secretary/Treasurer Troy Ashmore David Cothren Roger Matlock John Jackson SUPERVISORY COMMITTEE Jim Turchi - Chairman David Cothren Charles Russell www.dominofcu.com IRA One-Rollover-Per-Year Rule Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15 and Announcement 2014-32). The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. •Trustee-to-trustee transfers between IRAs are not limited •Rollovers from traditional to Roth IRAs ("conversions") are not limited Transition Rule Ignores Some 2014 Distributions IRA distributions rolled over to another (or the same) IRA in 2014 will not prevent a 2015 distribution from being rolled over provided the 2015 distribution is from a different IRA involved in the 2014 rollover. Background of the One-Per-Year Rule Under the basic rollover rule, you don’t have to include in your gross income any amount distributed to you from an IRA if you deposit the amount into another eligible plan (including an IRA) within 60 days (Internal Revenue Code Section 408(d)(3)). Internal Revenue Code Section 408(d)(3)(B) limits taxpayers to one IRA-to-IRA rollover in any 12-month period. Proposed Treasury Regulation Section 1.408-4(b)(4)(ii), published in 1981, and IRS Publication 590, Individual Retirement Arrangements (IRAs) interpreted this limitation as applying on an IRA-by-IRA basis, meaning a rollover from one IRA to another would not affect a rollover involving other IRAs of the same individual. However, the Tax Court held in 2014 that you can’t make a non-taxable rollover from one IRA to another if you have already made a rollover from any of your IRAs in the preceding 1-year period (Bobrow v. Commissioner, T.C. Memo. 2014-21). Tax Consequences of the One-Rollover-Per-Year Limit Beginning in 2015, if you receive a distribution from an IRA of previously untaxed amounts: •you must include the amounts in gross income if you made an IRA-to-IRA rollover in the preceding 12 months (unless the transition rule above applies), and •you may be subject to the 10% early withdrawal tax on the amounts you include in gross income. Additionally, if you pay the distributed amounts into another (or the same) IRA, the amounts may be: •treated as an excess contribution, and •taxed at 6% per year as long as they remain in the IRA. Direct Transfers of IRA Money Are Not Limited This change won’t affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn’t a rollover (Revenue Ruling 78-406, 1978-2 C.B. 157). The one-rollover-per-year rule of Internal Revenue Code Section 408(d)(3)(B) applies only to rollovers.