Do you offer a retirement savings plan to all of your employees? If not, the U.S. Department of the Treasury will soon offer myRASM (My Retirement Account), a simple, safe and affordable option you can make available to your employees. There will be no fees for you or your employees with myRA. Once the employee signs up, you will simply set up a direct deposit payment for their contributions.
Your employees’ contributions will fund their investment in a new retirement savings bond that earns interest at the same variable rate as the low-risk investment option offered to federal government employees. Key features include:
• No cost to open an account
• Contribute every payday ($50, $25, $7—any amount!)
• No fees
• Account will never go down in value
• Portable – not tied to a single employer
• Rollover to a private-sector provider at any time
• Build savings for 30 years or $15,000, then transfer to a private-sector provider
• Roth IRA tax advantages
The St. Paul Area Chamber of Commerce encourages you to learn more about myRA. The following materials provide more information on this new, voluntary program:
• Fact sheet
• myRA At A Glance
For additional information, contact Treasury’s myRA team at myRA@treasury.gov or visit myRA.treasury.gov.