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myRA internal newsletter copy / blog post

For payroll providers to use in communications geared toward employers.

Long version

The U.S. Treasury’s myRA® makes saving easy

If you have employees who don’t have access to or aren’t eligible for a retirement savings plan at work, you can help them start saving with myRA. This starter retirement savings account was developed by the U.S. Department of the Treasury to remove some of the most common barriers to saving and to help millions of workers in America who want to save, but haven’t found an easy way to get started. 

What exactly is myRA?

myRA is a Roth IRA¹ that can be funded from employees’ paychecks through payroll deduction. It’s simple, safe, and affordable. There is no cost to open an account, employees pay no fees, and the myRA investment carries no risk of losing the money employees put in. Contributions to a myRA account are invested in a new U.S. Treasury security, which safely earns interest at the same variable rate as investments in the Government Securities Fund for federal employees.²

If you don’t use direct deposit for payroll, you can tell your employees about the other ways they can fund their myRA – from a personal checking or savings account, and from their federal tax refund at tax time.

What do employers need to know?

myRA could be a good option if you have employees who don’t have access to a retirement savings plan through work – including part-time, seasonal, and temporary employees. myRA is not a replacement for 401(k)s or other types of employer-sponsored retirement savings plans. It is designed for people who lack options to save.

It’s easy to help employees start saving with myRA and it’s a great way to show your employees that you care about their future. You don’t administer myRA employee accounts, contribute to them, or match employee contributions. The process is simple: 

1.	Find out more at myRA.gov. Visit the myRA website for details on myRA and ways you can help your employees start saving for retirement.

2.	Share myRA information with your employees. Use the free materials and resources on myRA.gov to introduce your employees to myRA and expand their options for retirement saving.

3.	Set up payroll deductions for employees with myRA accounts or tell them about other ways they can fund their accounts. Set up a portion of your employees’ paychecks to be directed to their myRA accounts. [PAYROLL PROVIDER NAME] will then process the deduction. Employees can also choose to fund their myRA from their own checking or savings account, and from their federal tax refund at tax time.

We encourage you to learn more about myRA by visiting myRA.gov or by calling 844-874-7590 to speak to a myRA representative. 

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.
²Accounts earn interest at the same rate as investments in the Government Securities Fund, which earned 1.82 percent in 2016 and had an average annual return of 2.63 percent over the ten-year period ending December 2016.

Short version

The U.S. Treasury’s myRA® makes saving easy

If you have employees who don’t have access to or aren’t eligible for a retirement savings plan at work, you can help them start saving with myRA. This starter retirement savings account was developed by the U.S. Department of the Treasury to remove some of the most common barriers to saving and to help the millions of workers in America who want to save, but haven’t found an easy way to get started. It’s easy to help employees start saving with myRA. You don’t administer myRA employee accounts, contribute to them, or match employee contributions. Learn more at myRA.gov.
Last updated 03/20/2017