Phasing out the myRA program
- What’s happening?
The U.S. Department of the Treasury has decided to phase out the myRA® retirement savings program, and the program is no longer accepting new enrollments. Existing funded accounts can remain open until further notice. View the press release
- What is happening to my account?
Funded accounts remain open and you can continue to manage your account until further notice. The funds in your account remain in an investment issued by the U.S. Department of the Treasury. We’ll continue to communicate next steps and relevant deadlines regarding the transfer or closure of your account over the coming months.
As of September 18th, 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.
Deposits are no longer accepted as of December 4, 2017.
- Is my money safe?
Yes. The funds in your account are safe and remain in an investment issued by the U.S. Department of the Treasury.
- What do I need to do?
To continue your saving and investing journey, stop deposits and transfer your funds to a Roth IRA of your choosing. We’ve updated myRA.gov with information and resources to help you navigate decisions along the way.
Deposits are no longer accepted as of December 4, 2017. Visit myRA.gov/deposits-ending for more information about steps you should take now.
- How do I transfer my myRA account to another Roth IRA provider where I can save and invest?
You can initiate a direct transfer of your full account balance to another Roth IRA at any time. To do so, you will first want to identify or open an account at the new Roth IRA provider where you will continue to save and invest. Then, by working with a new Roth IRA provider you select, you can transfer your myRA balance to your new Roth IRA. By opening another Roth IRA and working with the new Roth IRA provider to initiate a transfer of the funds in your myRA to your new Roth IRA, you avoid withholding and potential tax liabilities (including potential tax penalties) that may apply to earnings if funds are paid directly to you.
- How can I learn more about rules related to transfers and 60-day rollovers to another Roth IRA?
- How can I close my account?
To request closure of your account, call myRA customer support at 855-406-6972 or TTY/TDD 855-408-6972 or International 414-365-9616. Please remember that a myRA follows Roth IRA rules. To avoid tax liabilities that may apply to earnings if funds are paid directly to you, you will need to deposit the amount of your distribution (including any tax withholding) into a private-sector Roth IRA within 60 days of the distribution. For more information about Roth IRA distributions, visit myRA.gov/roth-ira.
- Why did I receive an additional payment from myRA after I withdrew all the funds from my account?
You may have received an additional payment due to a timing difference between when interest earned was reflected in your account balance, and when you requested a withdrawal (or distribution). When necessary, these additional interest payments are made to ensure account owners receive their full account balances.
- Who can I contact for more information?
You may contact our Call Center Monday through Friday from 8 a.m. to 8 p.m., E.T. at 855-406-6972.
Transferring your account
- Are there any transaction fees for moving or closing my account?
myRA has no fees to move your funds to another Roth IRA provider (or to withdraw your funds and close your account). Please check with your new Roth IRA provider to learn whether they have applicable fees.
- Can I transfer or roll over my account into my employer-sponsored retirement plan, such as a 401(k), or into a traditional IRA?
No. As is the case with all Roth IRAs, your myRA can’t be transferred or rolled over into your employer-sponsored retirement plan or a traditional IRA. Roth IRAs must be transferred or rolled over into other Roth IRAs.
- Can I invest on my own, or should I get help?
To learn more about your options, check out the SEC’s Guide to Researching and Managing Investments. There are many resources to help you learn more about investing. A good place to start is the website www.investor.gov, which is run by the U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy. This unbiased government website is intended to help individuals invest wisely and avoid fraud.