Now You Can Help your Employees Save for the Future with myRA at No Cost to You

Small businesses are a driving force behind the U.S. economy and employ a huge number of American workers. According to the Small Business Administration, more than half of Americans either own or work for a small business, and small businesses create about two out of every three new jobs in the U.S. each year.

If you own or run a small business, you want the best for your employees and may even view them like family, but you may not be in a position to offer a retirement savings plan. You’re not alone. According to a recent study by The Pew Charitable Trusts, just 22 percent of workers at businesses with fewer than 10 employees have access to workplace savings plans or pensions, compared to 74 percent of workers at businesses with 500 or more employees.

myRA can help your employees save – at no cost to you

The U.S. Department of the Treasury’s myRA® is a starter retirement savings account developed especially for people who don’t have access to employer-sponsored retirement savings plans, such as part-time workers, the self-employed, and small business employees.myRA is a Roth IRA that’s simple, safe, and affordable:

  • It costs nothing to open and there are no fees
  • There are no minimum balance or contribution requirements
  • No risk of losing money – accounts are invested in a U.S. Treasury security that earns interest*

myRA is easy for you as an employer, too. You don’t administer accounts, contribute to them, or match employee contributions. Instead, you simply share information with employees and set up payroll direct deposits into the myRA accounts of participating employees. Your employees can also fund their myRA accounts from their personal checking or savings accounts or federal tax refunds, if they prefer or if you don’t use direct deposit for payroll. Free materials are available at myRA.gov to help you share information aboutmyRA with your staff.

Help your employees start saving today

As a small business owner, your employees may look to you for advice and value your input. You’re in a unique position to help them take steps toward brighter financial futures. Encourage them to open myRA accounts and start saving. It’s an easy way to help your work family get on the path to more secure retirements. For more information and to access materials you can share with your employees, visit myRA.gov.

*Security earns interest at the same rate as investments in the Government Securities Fund, which earned 2 percent in 2015 and had an average annual return of nearly 3 percent over the ten-year period ending December 2015.