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Treasury Launches Simplified Retirement Accounts Called myRA

Monday, November 9, 2015  
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Treasury Launches Simplified Retirement Accounts Called myRA 

The Department of Treasury (Treasury) is expanding retirement savings options with myRA. After an initial pilot in 2014, myRA launched nationwide this week. This retirement account, modeled after a Roth IRA and maintained by Treasury, is designed to fill a niche for workers who do not have access to or are not eligible for employer-sponsored retirement plans.  Highlights of myRA include:

 

·      Savers can fund their accounts through:

o   Direct deposit

o   Existing savings or checking accounts

o   Allocating a portion of federal tax returns

·      No minimum balances or contribution amounts

·      No costs or administration requirements for employers

·      No risk, principle protected investment in US Treasury bonds.

 

To address a gap in retirement savings, myRA is intended for first time savers and as account values grow, the saver has the option to transfer to a private sector Roth IRA at any time.  Accounts can have a maximum balance of $15,000 before the saver must transfer the account to the private sector. Treasury included an upper limit on account balances to encourage savers to take advantage of additional privately run saving options.

 

More information on myRA accounts can be found online at the Department of Treasury.  

 


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