The New myRA:
What Employers Need to Know
With potential ERISA changes coming and implementation of the new federal government backed “myRA”, how are employers impacted? Should employers be concerned with any new requirements or fiduciary responsibilities? How much does the new “myRA” cost employers? Which employers benefit and which employees qualify from this program? Why should employers care?
Millions of Americans are not prepared for retirement. In fact, a recent SHRM published article stated that “90 percent of employees at all income levels find payroll deduction to be important to saving for retirement” By contrast, "only about 5 percent of employees earning $30,000 to $50,000 open and regularly save in an individual IRA”. Moreover, SHRM research has also found that workplace productivity is significantly impacted by financially stressed employees, which is costing employers’ profitability.
April is designated as National Financial Literacy Month, and in an effort to highlight the importance of financial wellness, MCHRA is pleased to collaborate with the Federal Reserve Bank of Dallas to recognize this occasion.
Roy Lopez, with the DallasFed, will present on exactly what the new “myRA” is and address important questions from employers. He will discuss how myRA works and why it was developed. Roy will also provide specific resource information for employers and explain what employers need to do once an employee opens a myRA account.
• HR professionals will learn the basics of how the new “myRA” works and what it means for the company and its employees.
• As a result of this program, attendees will learn how to incorporate the new myRA program into their workplace with other existing employer-sponsored retirement programs.
• Attendees will learn the impact on ERISA compliance if they chose to accommodate and encourage employees to save with the myRA program.
• Attendees will learn the employer related cost to help employees save with the new myRA.
About Roy Lopez
Roy Lopez leads the Dallas Fed’s community development function, promoting economic growth and financial stability for communities and individuals. He and his team promote resources and innovative ideas that connect communities and employers to opportunities available in the mainstream economy. He is a member of the Federal Reserve System Community Affairs Officer network.
Roy originally joined the Dallas Fed in 2005 in the Community Development department. His responsibilities have included strategic planning, management and implementation of outreach programs across the Eleventh Federal Reserve District.
Roy previously worked as a community development banker for Capital One Bank. He managed the bank’s external relationships, community development philanthropy and high-impact Community Reinvestment Act (CRA) programs in the Dallas–Fort Worth market.
Roy serves on several nonprofit boards, including the Center for Nonprofit Management, RAISE Texas, Navicore Solutions and former PeopleFund and Urban League of Greater Dallas board member. Roy speaks regularly to community and business groups and most recently was a keynote speaker for “Austin+SocialGood”, a part of the Plus Social Good worldwide network which aims to empower individuals around the globe whose work is addressing society’s most pressing issues.
He is a 2015 Presidential Leadership Scholar, a leadership development initiative in conjunction with the presidential centers of George W. Bush and William J. Clinton. He is also a member of the University of Texas at Arlington’s Financial Capability Board and president’s Hispanic Advisory Council.
A 7th generation Texan, Roy is a graduate of Texas A&M University in College Station and has a master’s degree from Trinity University in San Antonio.
The presentation has been approved for 1.00 recertification credit towards SHRM-CP, and SHRM-SCP through SHRM and 1.00 recertification credit towards PHR, SPHR, and GPHR recertification through HRCI.
Mid-Cities HR Association is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP.
All online reservations are due Monday by 5pm. Online registration will be closed at that time. Attendees not registered online will be considered walk-in registrations and will be charged the guest rate of $35.