Treasury provides information and online sign-up for new myRA accounts


On its website at myra.treasury.gov, the Treasury Department began providing information about myRA retirement savings accounts for individuals and employers and an electronic application. President Barack Obama announced the accounts in 2014 as a way for new savers, especially employees whose employers do not offer a Sec. 401(k) or other qualified plan, to save for retirement. Although the IRS has not provided guidance on its tax treatment, a myRA account is a “new type of Roth IRA” that has no fees and invests contributions exclusively in a “new United States Treasury security,” according to Treasury. Employees own the accounts and can continue using them if they change jobs. They can build savings for 30 years or until the account reaches a balance of $15,000, whichever comes first. The accounts can be rolled over into a traditional Roth IRA at any time.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.