What is myRA? Or better yet, WHAT was myRA?
–myRA (my Retirement Account) was a Roth IRA—an individual retirement account in which earnings and withdrawals are tax-free under certain circumstances—that invests in a U.S. Treasury retirement security which is guaranteed to never lose dollar value. A myRA has no fees and has no minimum balance or contribution (deposit) requirements.
All open myRA® accounts will be closed and balances moved to new Roth IRAs at Retirement Clearinghouse, LLC (RCH) if no action is taken.
Dates to be aware of:
- Friday, August 17, 2018
- This is the last day to request a transfer of your account to another Roth IRA.
- This is the last day you can request a withdrawal to be paid by check, which requires a call to myRA customer service.
- Friday, August 31, 2018
- This is the last day you can request a withdrawal to be paid electronically into your checking or savings account.
- This is the last day the myRA account access site will be available.
- Friday, September 7, 2018
- This is the last day you can cash or deposit any withdrawal check you have received.
- Friday, September 14, 2018
- This is the last day that myRA customer service will be open.
- The process of closing myRA accounts and transferring balances to RCH will occur over this weekend.
- Monday, September 17, 2018
- On this date, RCH will open new accounts to replace the myRA accounts.
You have options to continue saving after myRA has ended.
- Transition your account balance to RCH. You do not need to take any action. Your account balance will be transitioned to a new account at RCH that will open on September 17, 2018.
- Transfer your account balance to another Roth IRA of your choosing. To initiate a direct transfer of your full account balance to another Roth IRA, you will first need to identify a different Roth IRA provider and open an account with them. You should then follow the process outlined by your new Roth IRA provider to transfer your myRA account balance to your new Roth IRA account. The deadline for a transfer request to be submitted to myRA is August 17, 2018.
- Make a full withdrawal from your account. You can withdraw your myRA account balance by signing into your account online and requesting the balance to be deposited into a checking or savings account that you have linked to your myRA account. The deadline for you to submit a request to deposit your balance into your checking or savings account is August 31, 2018. You can also request a check by calling myRA customer service, provided you do so by August 17, 2018. Furthermore, all checks must be cashed or deposited by September 7, 2018.
If you choose one of the first two options above, you will maintain the Roth IRA benefits of your myRA account. Choosing the third option will put you at risk to lose those benefits and instead face tax liabilities and penalties. However, you can roll over the withdrawn funds (as well as any amount withheld by myRA account for tax purposes) into another Roth IRA you have opened. You must do so within 60 days of receiving the withdrawal. See myRA.gov/roth-ira for more details.
Important notice: Take action soon if you do not want your myRA account transitioned to RCH
If you would prefer to withdraw your myRA account balance or transfer your account balance to another Roth IRA instead of having your account balance transitioned to RCH, you must act soon. The deadline for completing these actions is August 31, 2018. Because there is lead time needed to complete certain actions, in some cases the deadline for submitting requests to myRA is August 17, 2018.
For two years, there will be no account maintenance fees or fees associated with withdrawals, transfers, or the closure of your RCH account. RCH will also take over customer service responsibilities related to your soon-to-be closed myRA account, such as providing you with applicable tax forms, even if you close your account prior to the transition to RCH.