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myRA newsletter copy / blog post
For business associations to use in communications to employers.
Help make saving easy for your employees with myRA® Do you have part-time, seasonal, or other employees who don’t have access to a retirement saving plan? Now you can help them start saving with the U.S. Department of the Treasury’s myRA (my Retirement Account). It’s easy for your employees and for you. How does this help your employees? myRA was developed to remove common barriers that keep people from saving and to provide a simple, safe, affordable way for people to start saving for retirement. Key features of the account 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 It’s easy for employers – and there’s no cost Helping your employees start saving with myRA is easy. You don’t administer myRA employee accounts, contribute to them, or match employee contributions. You simply introduce your employees to myRA and then set up an automatic payroll deduction from your employee’s paycheck to the designated myRA account in the amount the employee chooses. If you don’t use direct deposit for your payroll, you can tell your employees about the other ways they can fund their myRA – from their personal checking or savings account, and from their federal tax refund at tax time. Free materials can help you spread the word The U.S. Treasury has created free materials you can use to tell your employees about myRA and help them open accounts. These resources include an employee meeting toolkit that gives you everything you need to set up a meeting with your employees about myRA. Other resources available include a poster, flyer, and more that can be easily downloaded and shared. Start helping your employees today Visit myRA.gov today to learn how you can help your employees get on the path to retirement saving. If you have questions, please contact the myRA Outreach and Employer Support Office at 844-874-7590 or send an email to myRA@treasury.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.
Help make saving easy for your employees with myRA® Do you have part-time, seasonal, or other employees who don’t have access to a retirement saving plan? Now you can help them start saving with the U.S. Department of the Treasury’s myRA (my Retirement Account). It’s easy for your employees and for you. You don’t administer myRA employee accounts, contribute to them, or match employee contributions. Learn more at myRA.gov.
Last updated 7/29/2016