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myRA internal newsletter copy

Copy payroll providers can use in internal communications to staff.

Long version

[NAME] supports the U.S. Treasury’s myRA® retirement savings option

Millions of workers in America don’t have access to a retirement savings plan through work or haven’t found an easy way to start saving. That’s why the U.S. Department of the Treasury developed myRA – a retirement savings account that makes saving easy and can help people get on the path to a more secure financial future.

[PROVIDER NAME] is proud to support myRA, which removes some of the most common barriers to saving, such as high fees and minimum contribution requirements. It costs nothing to open a myRA account, there are no fees, and employees choose how much they want to save. Plus, it’s safe – the myRA investment carries no risk of losing money and is backed by the U.S. Treasury.

Specifically, myRA is a Roth IRA¹ that earns interest at the same rate as investments in the Government Securities Fund available to federal employees.²

What do our clients need to know?

It’s important for our customers to know how easy it is to help their employees save with myRA. Employers do not administer employee myRA accounts, contribute to them, or match employee contributions. Employers simply share information about myRA with their workforce and facilitate a payroll deduction from participating employees’ paychecks to their designated myRA accounts.

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

myRA is not a replacement for 401(k)s or other types of employer-sponsored retirement savings plans. It is a good option for people who don’t have access to a retirement savings plan through work or who lack options to save, such as seasonal or part-time workers.
We encourage you to speak with your customers about myRA. If they’re interested in knowing more, direct them to myRA.gov where they can find myRA resources to share with their employees.

Learn more

For more information, including benefits and tax advantages of myRA, visit myRA.gov.

¹Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of earnings. Limits 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.
²The Government Securities Fund earned 2.04 percent in 2015 and had average annual return of 2.94 percent over the ten-year period ending December 2015.

Short version

[NAME] Supports the U.S. Treasury’s myRA® retirement savings option

Millions of workers in America don’t have access to a retirement savings plan through work or haven’t found an easy way to start saving. That’s why the U.S. Department of the Treasury developed myRA – a retirement savings account that makes saving easy and can help people get on the path to a more secure financial future. It’s important for our customers to know how easy it is for them to help their employees save with myRA. Employers do not administer employee myRA accounts, contribute to them, or match employee contributions.

We encourage you to speak with your customers about myRA. If they’re interested in knowing more, direct them to myRA.gov where they can find myRA resources to share with their employees.
Last updated 8/08/2016