Summary: H.R.4491 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.4491. Bill summaries are authored by CRS.

Shown Here:
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.