Phasing out the myRA program

What’s happening?

The U.S. Department of the Treasury has decided to phase out the myRA® retirement savings program, and the program is no longer accepting new enrollments. Existing accounts can remain open until further notice.

 

 

 

What is happening to my account?

Your account remains open and you can continue to manage your account until further notice. The funds in your account remain in an investment issued by the U.S. Department of the Treasury. We’ll be in touch over the coming weeks with next steps and relevant deadlines regarding the transfer or closure of your account. In the meantime, we want you to know any myRA with a zero ($0) balance as of September 15, 2017 or later, will be subject to possible automatic closure beginning on September 18, 2017.

Is my money safe?

Yes. The funds in your account are safe and remain in an investment issued by the U.S. Department of the Treasury.

What do I need to do?

We will be reaching out to all of our account holders with more information regarding the transfer or closure of your account. We will provide account holders with additional information in the coming weeks that outlines when we’ll stop accepting and processing deposits. We recommend you log in to your account to make sure your contact information is complete and up to date. You can also update your information by contacting customer service.

How do I transfer my myRA account to another Roth IRA provider where I can save and invest?

You can initiate a direct transfer of your full account balance to another Roth IRA at any time. To do so, you will first want to identify or open an account at the new Roth IRA provider where you will continue to save and invest. Then, by working with a new Roth IRA provider you select, you can transfer your myRA balance to your new Roth IRA. By opening another Roth IRA and working with the new Roth IRA provider to initiate a transfer of the funds in your myRA to your new Roth IRA, you avoid withholding and potential tax liabilities (including potential tax penalties) that may apply to earnings if funds are paid directly to you.

How can I learn more about rules related to transfers and 60-day rollovers to another Roth IRA?

You can learn more at myRA.gov or at irs.gov/rollovers.

How can I close my account?

To request closure of your account, call myRA customer support at 855-406-6972 or TTY/TDD 855-408-6972 or International 414-365-9616. Please remember that a myRA follows Roth IRA rules. To avoid tax liabilities that may apply to earnings if funds are paid directly to you, you will need to deposit the amount of your distribution (including any tax withholding) into a private-sector Roth IRA within 60 days of the distribution. For more information about Roth IRA distributions, visit myRA.gov/roth-ira.

Why did I receive an additional payment from myRA after I withdrew all the funds from my account?

You may have received an additional payment due to a timing difference between when interest earned was reflected in your account balance, and when you requested a withdrawal (or distribution). When necessary, these additional interest payments are made to ensure

account owners receive their full account balances.

Who can I contact for more information?

You may contact our Call Center Monday through Friday from 8 a.m. to 8 p.m., E.T. at 855-406-6972.

Source: usa.gov

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