Become a Member

Membership is open to all individuals who are of good moral character and who are judged supportive of the purpose and ethnic heritage of the Polish Falcons of America. In addition to our insurance and annuity offerings, we also provide Members with a variety of other benefits.

Protecting You and Your Loved Ones

Polish Falcons of America has been safeguarding the needs of Members and their families since 1928. Today, PFA is proud to offer a wide selection of Permanent and Term Insurance, Medicare Supplement Insurance, and Annuity options tailored to fit all needs.

Coverdell Education Savings Account


A Coverdell is a tax advantaged investment account created to encourage savings for the purpose of paying the qualified education expenses of the designated beneficiary of the account. Contributions to the Coverdell ESA are not tax deductible, but amounts deposited in the account grow tax free until withdrawn. Generally withdrawals are free if they are used to educational purposes and are not more than the beneficiary’s qualified education expenses for the tax year. You can make contributions to a Coverdell ESA and a Qualified Tuition Program (QTP) in the same year for the same beneficiary. The designated beneficiary can be changed to a member of the beneficiary’s family without tax consequences if at the time of the change the new beneficiary is under the age of 30. Generally, when the account is established, the designated beneficiary must be under age 18. He or she can be 18 or older ONLY if he or she is a special needs beneficiary. 


Any individual (including the designated beneficiary for whose benefit the account is established) may be able to contribute to a Coverdell ESA if their Modified Adjusted Gross Income (MAGI) for the year is:
  • Less than $110,000 for a single individual, or
  • Less than $220,000 for a married couple filing a joint return

Contributions can be made to one or several Coverdell ESAs for the same designated beneficiary provided that the total contributions are not more than the contribution limits for a year. The MAXIMUM contribution limit for a Coverdell ESA is $2,000 a year.

Annual contributions can be made January 1 through the tax filing deadline (excluding extensions) for the year, generally April 15. Contributions CANNOT be made after the beneficiary reaches age 18, UNLESS the beneficiary is a special needs beneficiary.


The designated beneficiary can take withdrawals at any time and are generally tax free if they are not more than the beneficiary’s qualified education expenses for the tax year. Qualified education expenses are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. The following are qualified education expenses:
  • Tuition and fees
  • The cost of books, supplies and equipment
  • The cost of room and board if the designated beneficiary is at least a half-time student, which is also limited to one of the following: the school’s posted room and board charge for students living on campus OR $2,500 each year for students living off campus and not at home.

Withdrawals from a Coverdell ESA can also be used for qualified elementary and secondary educational purposes. Generally a portion of the withdrawals is taxable to the beneficiary if the withdrawals are more than the beneficiary’s qualified education expenses for the tax year. Also, if a taxable withdrawal is received, a 10% additional tax is imposed on the amount included as income. The 10% additional tax does not apply to withdrawals if:

  • Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary
  • Made because the designated beneficiary is disabled
  • Made because the designated beneficiary received: a qualified scholarship excludable from gross income OR an educational assistance allowance OR payment for the designated beneficiary’s education expenses that is excludable from gross income under any law of the United States (only to the extent the withdrawal is not more than the scholarship, allowance, or payment) Included in income only because the beneficiary waived the tax-free treatment of the withdrawal.

A return of an excess contribution (and any earnings on it) made before the due date of the beneficiary’s tax return (excluding extensions). If the beneficiary does not have to file a return, the excess (and any earnings) must be withdrawn by April 15. The beneficiary must include in gross income for the year the contribution is made, any income earned on the excess contribution.

The balance in the Coverdell ESA must be withdrawn in its entirety when either one of the following two events occur:

  • The designated beneficiary reaches age 30. The designated beneficiary must withdraw the balance within 30 days after reaching age 30 (this does not apply if the beneficiary is a specials needs beneficiary).
  • The designated beneficiary dies before reaching age 30. The remaining balance must generally be withdrawn within 30 days after the date of death.

Rollover to Family Members

Any amount withdrawn from a Coverdell ESA and rolled over to another Coverdell ESA for the benefit of the same beneficiary or a member of the beneficiary’s family who is under age 30 is not taxable. An amount is rolled over if it is paid to another Coverdell ESA within 60 days after the date of the withdrawal. The beneficiary’s spouse and the following individuals (and their spouses) are members of the beneficiary’s family:
  • The beneficiary’s child, grandchild, or stepchild
  • The father, mother, grandfather, grandmother, stepfather, or stepmother of the beneficiary
  • A brother or sister of the beneficiary’s father or mother
  • A son or daughter of the beneficiary’s brother or sister
  • The beneficiary’s son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law or sister-in-law

Please Note: The above referenced information on Coverdell ESAs is only a brief summary of some of the IRS rules and regulations that apply to them. The Polish Falcons of America is not liable for any inaccuracies or misrepresentation in the above information. Please consult your tax advisor for any clarifications or questions regarding the above referenced information.