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Under Secretary Miller and Treasury representatives will also share details of the new myRA program—a simple, safe and affordable retirement savings account being developed by Treasury. This meeting will bring together local employers as well as business, academic and community leaders for an off-the-record discussion.
Treasury’s myRA program is designed to help American workers begin saving for their retirement, and will make available starter savings accounts for individuals without access or eligibility to an employer-sponsored retirement savings program. myRA accounts have no fees, will never go down in value, and can be opened with as little as a $5 contribution.
For businesses, making myRA available to employees is straight-forward. Treasury will handle account set-up and maintenance and will provide informational materials for business owners to share with their employees. There is no employer-match or contribution. In fact, all that interested employers have to do is to make Treasury-provided program materials available to their employees and set-up ongoing payroll direct deposits into myRA for interested employees. myRA is intended for employees who do not have access to an employer-sponsored plan or who are not eligible for their employer’s plan. myRA is not intended to replace current employer-sponsored retirement plan offerings