H.R.3653 - MyRA Act115th Congress (2017-2018) |
|Sponsor:||Rep. Crowley, Joseph [D-NY-14] (Introduced 08/15/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 08/15/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.3653 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (08/15/2017)
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.