myRA will end in September 2018
All open myRA® accounts will be closed and balances moved to new Roth IRAs at Retirement Clearinghouse, LLC (RCH) if no action is taken. Learn more
If you would prefer to withdraw your myRA account balance or transfer your account balance to another Roth IRA instead of having your account balance transitioned to RCH, you must act soon. The deadline for completing these actions is August 31, 2018. Because there is lead time needed to complete certain actions, in some cases the deadline for submitting requests to myRA is August 17, 2018.
For two years, there will be no account maintenance fees or fees associated with withdrawals, transfers, or the closure of your RCH account. RCH will also take over customer service responsibilities related to your soon-to-be closed myRA account, such as providing you with applicable tax forms, even if you close your account prior to the transition to RCH.
You have options to continue saving after myRA has ended. You should consider your options and decide what you want to do with your myRA account:
Saving for retirement is an important activity, and a Roth IRA can be an excellent way to save. If you choose the first or second option above, you will maintain the Roth IRA benefits of your myRA account. If you choose the third option above, you may lose those benefits and instead face tax liabilities and penalties. To avoid this outcome, you can typically roll over the withdrawn funds (as well as any amount withheld by myRA account for tax purposes) into another Roth IRA you have opened. You must do so within 60 days of receiving the withdrawal. See myRA.gov/roth-ira for more details.
Finally, you should log in to your account to make sure your contact information is complete and up to date, so that you receive letters and emails about the transition. You can also update your information by contacting myRA customer service.
As this schedule shows, there will be a period during which you will be temporarily unable to access your account balance or request a withdrawal while your myRA account balance is moved to a new account with RCH.
Below is some additional information about your new RCH account.
After the upcoming transition of your funds from your myRA account to a new Roth IRA at RCH, your funds will no longer remain in an investment issued by the Treasury, and Comerica Bank (the current Treasury-designated custodian) will no longer be custodian of your account.