Treasury Notes

 myRA: Helping Small Business Owners Support Their Employees’ Retirement Goals

By: Victoria Suarez-Palomo

Small business owners have a number of demands on their time and resources, and that’s one of the reasons Treasury created myRA (My Retirement Account).  This program, which will go into effect later this year, will enable employers to give workers access to a retirement savings account and a chance to begin saving regularly.

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.  

For workers, myRA is simple, safe and affordable.  Employees will be able to start saving with an initial deposit of as little as $25 and recurring contributions each pay period of $5 or more.  Account balances are protected--they will never go down in value, and there are no fees for savers to participate. The accounts are also portable so if savers change jobs, they can maintain their accounts across multiple jobs. 

Contributions to a myRA are made with after-tax dollars, and when savers retire, they won’t have to pay taxes on what these accounts earn, provided they meet the relevant Roth IRA requirements.

While myRA is for employers of all sizes, Treasury knows that this program has the potential to be a powerful tool for small business owners who want to help their employees begin to save for retirement.  

In honor of National Small Business week, Treasury is encouraging small business owners to visit to learn more about making this important program available to your employees. 


Victoria Suarez-Palomo is the Deputy Assistant Secretary for Business Affairs and Public Liaison at the U.S. Treasury Department.

Posted in:  myRA
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