Deposits Ending December 4
Deposits will no longer be accepted beginning December 4, 2017
Please read the important information outlined below to learn more about the necessary actions you may need to take now.
Stop deposits into your myRA
Payroll direct deposits
If you’ve contributions from your paycheck, cancel the direct deposit to your myRA account through your employer as soon as possible. Your employer may ask you to follow its paper or electronic process to cancel direct deposits. You should verify with your employer that this request will be completed no later than December 4, 2017. Taking this step now will help avoid deposits from your paycheck being returned to your employer once we stop accepting deposits. If this happens, you may then need to work with your employer to verify how you will receive your funds.
Debits from your bank account
If you’ve set up contributions to your myRA account through another financial institution, you should contact your financial institution to stop any transfer of funds to your myRA account before December 4, 2017.
However, if you’ve set up recurring contributions from your bank account through myRA’s online account access site, you will not need to communicate with your bank to stop any debit of funds from your bank account to your myRA. Comerica Bank1 will automatically stop processing your one-time or recurring debits from your bank account, and disable the new debit request option through the online access site beginning December 4, 2017.
Next Steps: Continue your saving and investing journey
Your myRA is a Roth IRA
Your myRA is a Roth IRA, which is a type of retirement savings plan, and follows most standard Roth IRA rules. To continue saving without paying income taxes on interest earnings and to maintain the preferential tax treatment of a Roth IRA, you should transfer your funds into another Roth IRA of your choosing.
Important Note: Automatic Account Closure
Once your account balance reaches $0, we will automatically close your account within a few business days. Upon transfer of your myRA balance to another Roth IRA or a full distribution of your myRA balance, Comerica Bank will no longer be custodian to your myRA.
1 Comerica Bank is the financial agent that services and administers your myRA account on behalf of the U.S. Department of the Treasury.