Individual Retirement Accounts (IRAs)

HSA funds can be used to pay for deductibles, copayments, coinsurance, and other qualified medical expenses. Unspent HSA funds roll over from year to year, allowing you to build tax-free savings to pay for medical costs into retirement. Please refer to IRS.gov Pub 502 for additional information regarding qualified medical expenses.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is a bipartisan retirement bill that was included in a larger legislative package passed by the House of Representatives on December 17, 2019, and by the Senate on December 19, 2019. The bill was initially introduced in the House of Representatives and championed by Ways & Means Chairman Richard Neal and ranking member Kevin Brady. The bill includes reforms to DC Plans, DB plans, IRAs, and 529 plans.

Most provisions in the law became effective January 1, 2020.

Download the HSA Authorized Signer Form to add/remove users to your account. Please bring the completed form to a local branch.

For anyone who inherited an IRA from an original IRA owner who passed away prior to January 1, 2020, no changes to the current distribution schedule are required. However, for situations where the original IRA account owner passes away after December 31, 2019, fewer beneficiaries will be able to extend distributions from the inherited IRA over their lifetime. Many will instead need to withdraw all assets from the inherited IRA within 10 years following the death of the original account holder. Exceptions to the 10-year distribution requirement include assets left to a surviving spouse, a minor child, a disabled or chronically ill individual, and beneficiaries who are less than 10 years younger than the decedent.

We will notify you up to 30 days prior to your CD’s maturity date.

You can renew your CD by visiting one of our branches or by contacting our Torrington Savings Bank Customer Care Center by calling (860) 496-2152.

To renew your CD in Online Banking:
1) Select “Request Forms” under “Banking Services” menu options
2) Select “CD Renewal Request” from the forms options
3) Complete the “CD Renewal Request” form
4) Click or tap “Submit”

The law increases the age at which an individual must begin taking required minimum distributions (RMDs) from 70½ to 72. The act states that this change applies beginning with IRA account owners who will attain 70½ on or after January 1, 2020. Congress recognizes Americans are increasingly working and living longer and updating RMD rules to reflect changes in life expectancy will allow Americans to continue their retirement savings for an extended period of time.

With most CD accounts, there is a penalty for withdrawing money from your CD before it reaches maturity.

The early withdrawal penalty depends on the type of Torrington Savings Bank CD you have and at what point in your term the early withdrawal is made.

To learn more about your specific early withdrawal penalties visit a TSB branch or call us at (860) 496-2152.

• Log in to Online Banking and click the “Profile” menu found at the top of the page
• Select Banking Services > “eDocuments”
• Select “Electronic” under “Enrollment Preference” next to the account(s) you wish to enroll in eStatements
• Review the Electronic Document Agreement and Disclosure
• Click “Accept & Update Preferences”

Yes. Torrington Savings Bank CD accounts are insured up to FDIC limits.

You are eligible to open an HSA if you meet all of the following IRS rules:

1. You are covered under a high deductible health plan (HDHP).
2. You have no other health coverage except what is permitted by the IRS.
3. You are not enrolled in Medicare.
4. You cannot be claimed as a dependent on someone else’s tax return.

HSA contribution limits are set every year by the IRS.  HSA members can contribute up to the annual maximum amount that is set by the IRS, and those 55 and over can make catch up contributions. Please visit the IRS.gov Pub969 website for contribution limits and additional information. Tax reporting is required if you have an HSA, you should contact your tax professional with questions and guidance for your tax return. TSB does not offer professional tax nor reporting advice.

You can make contributions/deposits at any Torrington Savings Bank branch, by payroll direct deposit, or automatic transfer from another Torrington Savings Bank deposit account. Your employer may also make deposits to your HSA as part of your employee benefits program.

No. Once enrolled in Medicare Part A and/or B, you can no longer contribute pre-tax dollars to your existing HSA. You can continue to make withdrawals to pay for qualified medical expenses.

Yes. You can transfer funds from another HSA to a new one.  Contact a local branch to assist with the transfer.  The funds in the transfer are not subject to the annual contribution limit, and there is no limit on how many transfers you can make in one year.

The most convenient way to pay for your expenses is to use your TSB issued debit card.