Skip to main content

myRA will end in September 2018

All open myRA® accounts will be closed and balances moved to new Roth IRAs at Retirement Clearinghouse, LLC (RCH) if no action is taken. Learn more

myRA Phase Out Update

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.

The myRA program is being phased out, but you have options to continue saving

You have options to continue saving after myRA has ended. You should consider your options and decide what you want to do with your myRA account:

  1. 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.
  2. 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.
  3. 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.

Saving for retirement is an important activity, and a Roth IRA can be an excellent way to save. If you choose the first or second option above, you will maintain the Roth IRA benefits of your myRA account. If you choose the third option above, you may lose those benefits and instead face tax liabilities and penalties. To avoid this outcome, you can typically 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.

Finally, you should log in to your account to make sure your contact information is complete and up to date, so that you receive letters and emails about the transition. You can also update your information by contacting myRA customer service.

For more information about the transition and your options, visit myra.gov/faqs. To learn more about RCH, visit their website at rch1.com/individuals.