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myRA internal newsletter copy / blog post

For business associations to use in internal communications to affiliates, chapters, and staff.

Long version

myRA®: Good for employees, easy for employers
[NAME] supports the U.S. Treasury’s myRA – an easy way for people to start saving – at no cost to employers.

Millions of people in America are not prepared for retirement. Many don’t have access to a retirement savings plan through their job or have found it difficult to start saving. That’s why [NAME] is proud to support myRA, a retirement savings account developed by the U.S. Department of the Treasury. myRA was designed to make saving easy and to help people take a simple step toward a more secure retirement.

Who is myRA for?
myRA could be a good option for people who don’t have access to a retirement savings plan through their job – like small business employees, part-time and temporary workers, and the self-employed. It was developed to remove common barriers that keep people from saving and to give them a simple, safe, and affordable way to start saving. Key features include:

•	myRA is a Roth IRA which has certain tax advantages¹
•	No cost to open an account and there are no fees
•	myRA carries no risk of losing money 
•	The investment is backed by the U.S. Treasury
•	Savers choose the amount to contribute to their myRA¹ 
•	The account safely earns interest²
•	Savers can withdraw the money they put in without tax and penalty²

myRA is a great way for people to start building a savings habit. They can then move to a private sector Roth IRA at any time to continue on their savings journey.

What do employers need to know?
myRA provides employers with an easy way to help their employees start saving. There’s no cost to employers. They do not manage employee myRA accounts, contribute to them, or match employee contributions.

Employers simply tell their employees about myRA and then facilitate an ongoing payroll deduction from the employee’s paycheck to the designated myRA account in the amount the employee chooses. Employers that do not use direct deposit for payroll can tell their employees about other ways they can fund their account such as from a personal checking or savings account, and from their federal tax refund at tax time. 

What’s your role?
Tell the employers you work with about myRA, and point them to the free resources on the employers page of myRA.gov, which they can easily share with their employees.

For more information, visit myRA.gov.

¹Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of earnings. Limits listed are for 2016 and may be adjusted annually for cost-of-living increases. To learn about key features of a Roth IRA and for other requirements and details, go to myRA.gov/roth-ira.
²Withdraw interest earned without tax and penalty five years after your first contribution if you are over age 59 1/2 or meet certain other conditions, such as using the funds for the purchase of your first home. Accounts earn interest at the same rate as investments in the Government Securities Fund, which earned 2.04 percent in 2015 and had an average annual return of 2.94 percent over the ten-year period ending December 2015.

Short version

myRA®: Good for employees, easy for employers

Millions of people in America are not prepared for retirement. Many don’t have access to a retirement savings plan through their job or have found it difficult to start saving. That’s why [NAME] is proud to support myRA, a retirement savings account developed by the U.S. Department of the Treasury. myRA was designed to make saving easy and to help people take a simple step toward a more secure retirement.

myRA provides employers with an easy way to help their employees start saving. There’s no cost to employers. They do not manage employee myRA accounts, contribute to them, or match employee contributions. Tell the employers you work with about myRA, and point them to the free resources on the employers page of myRA.gov, which they can easily share with their employees. For more information, visit myRA.gov.
Last updated 7/29/2016