H.R.4491 - MyRA Act114th Congress (2015-2016)
|Sponsor:||Rep. Crowley, Joseph [D-NY-14] (Introduced 02/08/2016)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/08/2016 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4491 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (02/08/2016)
Making Your Retirement Accessible Act or the MyRA Act
This bill amends the Internal Revenue Code to establish an employee retirement option known as a MyRA account. A MyRA account functions as a Roth Individual Retirement Account. An employee who elects to establish a MyRA account may contribute any portion of a tax refund or make automatic payroll contributions to the account.
The funding of MyRA accounts is limited to retirement savings bonds issued by the Department of the Treasury with a specified interest rate and maturity date.
The bill imposes a tax on any employer who fails to comply with the requirement for making direct deposits to a MyRA account of wages designated by an employee.