MyRA Retirement Account Proposal

PayTech web calc Icon

Home » Human Resource Management » MyRA Retirement Account Proposal

Share

The myRA retirement savings is a new account to help Americans save for retirement. Some employers will offer it in late 2014.

Here are the principal components of the MyRA Retirement Account

  • It is portable for the employee to take from one employer to the next
  • The minimum initial contribution is $25, then at least $5 through payroll deductions
  • The maximum contribution is $5,500 per year ($6,500 if over 50 years of age)
  • Once the balance reaches $15,000 or has existed 30 years, it must be rolled into a Roth IRA
  • Total annual contributions to all of an individual’s IRAs cannot exceed $5,500
  • Like a Roth IRA, contributions will grow and be redeemable tax-free
  • Principal can be redeemed anytime, but earnings withdrawn before age 59 ½ are taxable and subject to 10% penalty
  • Only one investment is available: treasury bonds paying variable interest-rate return

Individual MyRA Retirement Account

Individuals earning up to $129,000 & couples earning up to $191,000 are eligible if their employers offer the account


Share

Ready for Award-Winning HR,
Payroll, and Accounting
Solutions with PayTech?

Paytech-2D-Assets

Latest Tips from Our Blog

5 Benefits of Outsourced Accounting and Payroll Services

Share

ShareAccounting and payroll services can be some of the most time-intensive and stressful tasks for any organization. Between time management, proper accounting, and the legal…


Share
Read More...

How to Find the Best Payroll Software for Your Construction Company

Share

ShareWhen trying to identify the best payroll software for a construction company, there are many variables to consider. Realistically, the message behind the search can…


Share
Read More...

Using Cloud Payroll Systems to Help your Business Grow

Share

ShareFor any size organization, a cloud-based payroll system is an integral part of accounting efficiency. It will also be a surefire way to safeguard your…


Share
Read More...