It’s National Save for Retirement Week – Help Employees Save with myRA®
October 18 – 23 is National Save for Retirement Week and it’s a perfect time to help employees establish their retirement goals and take the first step toward meeting them. If you have employees who don’t have access to a retirement savings plan – including part-time, temporary, and contracted workers – you can help them start saving with myRA (my Retirement Account).
What is myRA?
myRA is a new retirement savings account developed by the U.S. Department of the Treasury to make saving for retirement easy for the millions of people who don’t have access to a retirement savings plan at work or lack other options to save. It costs nothing to open a myRA account and there are no fees. Employees can choose to save an amount that fits their budget1, and the account carries no risk of losing money. In addition, savers can transfer or roll over their savings to a private-sector Roth IRA at any time.
Getting started is easy and there’s no cost to you
It’s easy to help your employees start saving with myRA. You do not administer the accounts, contribute to them, or match workers’ contributions. You simply share myRA information with your employees and facilitate a payroll deduction for employees who open accounts.
Help your employees start saving today
Visit myRA.gov today to learn how you can help make saving a reality for your employees with myRA.
1Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of earnings. To learn about key features of a Roth IRA and for other requirements and details, visit myRA.gov/roth-ira.