- Custom Woodworking
- Middlefield, Ohio
- 17 Employees
On the Cutting Edge at Woodworks Design
When it comes to building furniture and fixtures, family-owned Woodworks Design has long been on the cutting edge – their modern woodshop, staffed by skilled Amish woodworkers, has been building custom cabinets, one-of-a-kind furniture and complete millwork for an ever-expanding roster of residential and commercial clients.
But given its rustic location in the rolling wooded hills 50 miles east of Cleveland, OH, you might be surprised to learn that Woodworks is also on the cutting edge of expanding financial opportunities for their employees. In particular, Woodworks is one of the very first businesses in the country to introduce the new myRA® retirement account to its workers.
Designed to Work for Woodworks
“When I read the news about myRA, I thought ‘Yes! That’s awesome!’” says Patti Armfelt, business manager and wife of founder and president D. Todd Armfelt. “Everybody should have this.” Patti oversees the Woodworks staff, which includes 12 woodworkers as well as the Armfelts’ three sons.
myRA is a new simple, safe and affordable way to start saving for retirement developed by the U.S. Department of the Treasury. For employees, myRA has no fees, no required minimum contributions and no risk of losing money, while employers pay nothing and do not administer or contribute to accounts.
Employees choose how much to contribute through payroll deductions to build savings that will earn interest and grow risk-free, up to $15,000 or for 30 years, whichever comes first. They can then transfer or roll over their savings to a private-sector Roth IRA, where their savings can continue to grow. myRA is actually a Roth IRA, and shares the same annual contribution limits, withdrawal rules and tax advantages of that retirement plan.
All of our employees need this. And that’s what got me going.-Patti Armfelt, Woodworks Design
Making Saving Easy for a Unique Workforce
Patti’s first thought when she heard about myRA was as a savings tool for her sons. “It’s a teaching thing, how to prepare for the future,” she says. “And then I thought, all of our employees need this. And that’s what got me going.”
With a largely Amish workforce for whom visits to the bank in town are infrequent, it was important that the process of funding the account be simple and automatic. Using the myRA website and materials she found there, Patti was able to explain how myRA works and helped each employee sign up individually.
“They were all so thrilled.”
For Patti and her employees, myRA has been just another way to solidify the strong, familial relationship at Woodworks. “They were all so thrilled,” says Patti. “And it made me feel happy that I could help them with their future.”
“People can squirm about taking $10 out of their paycheck, but once you start, you get used to it and it’s easy,” Patti says.
What others are saying about myRA
it feels great to be able to put money away for the future…-Michael K.
I like the idea that someday I’d retire…-Audrey G.