Posted at 11:17 AM
Created on March 22, 2016
Do you have part-time or seasonal employees who don’t have access to a retirement savings plan? Now, there’s an easy way to help them start saving. myRA is a new retirement savings option developed by the U.S. Department of the Treasury. It’s designed for workers who don’t have access to retirement savings plans at work, or who lack other options to save.
How does this help your employees?
myRA was developed to remove common barriers to saving and to provide a simple, safe, affordable way for people to start saving for retirement. It costs nothing to open an account, there are no fees, and myRA carries no risk of losing money.
It’s easy for employers – and there’s no cost
Helping your employees start saving with myRA is easy. You don’t administer myRA employee accounts, contribute to them, or match employee contributions. Simply introduce your employees to myRA, and then set up an automatic direct deposit from each participating employee’s paycheck to the designated myRA account in the amount of the employee’s choosing.
If you don’t use direct deposit for your payroll, your employees can fund their myRA accounts in other ways– from their personal checking or savings accounts, and from their federal tax refunds at tax time.
"myRA makes it so easy”
Wendell Kimbrough is the CEO of Area Resources for Community and Human Services (ARCHS), a St. Louis-based nonprofit organization that designs, manages, and evaluates 15 education and social service programs, including support for child care centers.
Retirement savings can seem out of reach for many child care workers who often work for very small businesses or are self-employed. Since learning about myRA, Wendell has helped build awareness of the program by spreading the word among child care business owners at trainings and conferences.
"myRA is a wonderful opportunity for a community of employees who historically don't save to start saving for retirement," Wendell says. "In some cases, they haven't been exposed to retirement options, or don't see the advantage. myRA makes it so easy."
Help your employees make commitments to their financial futures with myRA. Visit myRA.gov for more information.