I 
115TH CONGRESS 
1ST SESSION H. R. 3653 
To provide for MyRA accounts, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 15, 2017 
Mr. CROWLEY (for himself and Mr. ELLISON) introduced the following bill; 
which was referred to the Committee on Ways and Means 
A BILL 
To provide for MyRA accounts, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Making Your Retire-
ment Accessible Act’’ or the ‘‘MyRA Act’’. 
SEC. 2. MYRA ACCOUNTS. 
(a) IN GENERAL.—Section 408A of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following: 
‘‘(g) MYRA ACCOUNTS.— 
‘‘(1) SPECIAL RULE FOR CONTRIBUTIONS FROM 
TAX REFUNDS.—A taxpayer may elect to contribute 
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any portion of an overpayment of income tax for a 
taxable year to a MyRA account. The amount elect-
ed under the preceding sentence— 
‘‘(A) shall not exceed the amount allowed 
as a credit under section 25B for the taxable 
year, and 
‘‘(B) shall not be treated as qualified re-
tirement contributions for purposes of section 
219. 
‘‘(2) DIRECT
DEPOSIT.—The Secretary shall 
provide for direct deposit of refunds from overpay-
ments of income tax by a taxpayer to the MyRA ac-
count of a participant. 
‘‘(3) MYRA ACCOUNT DEFINED.—For purposes 
of this subsection, the term ‘MyRA account’ means 
a Roth IRA which meets the requirements of section 
3106(d) of title 31, United States Code.’’. 
(b) MYRA PROGRAM.—Section 3106 of title 31, 
United States Code, is amended by adding at the end the 
following new subsection: 
‘‘(d)(1) The Secretary shall, in accordance with this 
subsection, establish and carry out a program of individual 
savings accounts to be known as ‘MyRA accounts’ under 
which the Secretary shall, upon receipt of contributions 
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‘‘(B) shall be compounded daily at 1⁄360 of the 
annual percentage rate, 
‘‘(C) shall have a maturity date that is indeter-
minate and may differ for each bond issued, but 
that does not exceed the earlier of 30 years from the 
date the bond is first issued on behalf of the partici-
pant or when the total value of all such bonds held 
on behalf of the participant in the MyRA account 
reaches $15,000, 
‘‘(D) shall cease to bear interest on the date of 
maturity, and 
‘‘(E) shall be redeemed by the Secretary upon 
maturity. 
‘‘(5) Upon reaching maturity the Secretary shall 
transfer the entire amount in the MyRA account in a man-
ner that meets the rollover requirements of section 
408(d)(3) to a Roth IRA (other than a MyRA account) 
of the participant administered by a trustee who meets 
the satisfaction requirements of the Secretary under sec-
tion 408(a)(2). For purposes of this paragraph, the Sec-
retary shall make transfers to eligible trustees on a rotat-
ing basis unless the participant elects otherwise. 
‘‘(6) The Secretary shall accept contributions from 
employers on behalf of employees by direct deposit. 
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‘‘(7) The Secretary shall accept contributions from 
participants by direct deposit. 
‘‘(8) Participant information under the program 
under this subsection shall be exempt from disclosure to 
the public. 
‘‘(9) The Secretary shall issue a quarterly report to 
Congress— 
‘‘(A) listing the number of accounts created in 
that quarter, the total number of accounts in exist-
ence, the overall value of assets in the accounts, and 
the number of taxpayers per zip code (of the tax-
payer) who have created accounts; and 
‘‘(B) the names of employers who paid fines for 
failure of the employer to notify their employees of 
these accounts. 
‘‘(10) The Secretary shall issue such regulations or 
other guidance as may be necessary or appropriate to 
carry out this subsection.’’. 
(c) EMPLOYER REQUIREMENTS.— 
(1) Chapter 43 of the Internal Revenue Code of 
1986 is amended by adding at the end the following: 
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‘‘SEC. 4980J. FAILURE OF EMPLOYER RELATING TO MYRA 
ACCOUNTS. 
‘‘(a) IMPOSITION OF TAX.—There is hereby imposed 
a tax on the failure of any employer to meet the require-
ments of subsection (e) with respect to any employee. 
‘‘(b) AMOUNT OF TAX.— 
‘‘(1) IN GENERAL.—The amount of tax imposed 
by subsection (a) on any failure with respect to any 
employee shall be $100 for each day in the non-
compliance period with respect to such failure. 
‘‘(2) NONCOMPLIANCE PERIOD.—For purposes 
of this section, the term ‘noncompliance period’ 
means, with respect to any failure, the period begin-
ning on the date the failure first occurs and ending 
on the date the notice to which the failure relates is 
provided or the failure is otherwise corrected. 
‘‘(c) LIMITATIONS ON AMOUNT OF TAX.— 
‘‘(1) TAX NOT TO APPLY WHERE FAILURE NOT 
DISCOVERED
AND
REASONABLE
DILIGENCE
EXER-
CISED.—No tax shall be imposed by subsection (a) 
on any failure during any period for which it is es-
tablished to the satisfaction of the Secretary that 
any employer subject to liability for the tax under 
subsection (d) did not know that the failure existed 
and exercised reasonable diligence to meet the re-
quirements of subsection (e). 
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‘‘(2) TAX NOT TO APPLY TO FAILURES COR-
RECTED WITHIN 30 DAYS.—No tax shall be imposed 
by subsection (a) on any failure if— 
‘‘(A) any employer subject to liability for 
the tax under subsection (d) exercised reason-
able diligence to meet the requirements of sub-
section (e), and 
‘‘(B) such employer provides the notice de-
scribed in subsection (e) during the 30-day pe-
riod beginning on the first date such employer 
knew, or exercising reasonable diligence would 
have known, that such failure existed. 
‘‘(3) OVERALL
LIMITATION
FOR
UNINTEN-
TIONAL FAILURES.— 
‘‘(A) IN GENERAL.—If the employer sub-
ject to liability for tax under subsection (d) ex-
ercised reasonable diligence to meet the require-
ments of subsection (e), the tax imposed by 
subsection (a) for failures during the taxable 
year of the employer shall not exceed $500,000. 
‘‘(B) TAXABLE
YEARS
IN
THE
CASE
OF 
CERTAIN CONTROLLED GROUPS.—For purposes 
of this paragraph, if all persons who are treated 
as a single employer for purposes of this section 
do not have the same taxable year, the taxable 
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years taken into account shall be determined 
under principles similar to the principles of sec-
tion 1561. 
‘‘(4) WAIVER BY SECRETARY.—In the case of a 
failure which is due to reasonable cause and not to 
willful neglect, the Secretary may waive part or all 
of the tax imposed by subsection (a) to the extent 
that the payment of such tax would be excessive or 
otherwise inequitable relative to the failure involved. 
‘‘(d) LIABILITY FOR TAX.—The employer shall be lia-
ble for the tax imposed by subsection (a). 
‘‘(e) EMPLOYER
REQUIREMENTS
RELATING
TO 
MYRA ACCOUNTS.— 
‘‘(1) IN
GENERAL.—An employer who pays 
wages to any employee through direct deposit shall 
make contributions through direct deposit to the 
MyRA account of the amount of wages designated 
by an employee who elects to participate in the 
MyRA program under section 3106(d) of title 31, 
United States Code. 
‘‘(2) EXCEPTION.—Paragraph (1) shall not 
apply to any employer with respect to an employee 
if the employer offers an employer-sponsored quali-
fied retirement plan to the employee. 
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‘‘(3) NOTICE
REQUIREMENT.—Each employer 
shall, in each paystub, provide a uniform notice to 
employees on how the employees can create a MyRA 
account.’’. 
(2) The table of sections for chapter 43 of such 
Code is amended by adding at the end the following 
new item: 
‘‘Sec. 4980J. Failure of employer relating to MyRA accounts.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
Æ 
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