For employers
Retirement saving your employees can keep, at no cost to you.
Your role is eligibility and payroll deduction. Everything else — the accounts, the investments, the custody, the tax reporting — sits outside your business.
Schedule time
Talk it through, or run the numbers
Book the employer conversation directly — or see what your workforce could save.
What it costs the business
Nothing. There is no establishment fee, no per-employee fee and no annual administration fee charged to the employer.
See footnote 1
What you do
- Confirm which employees are eligible
- Send the invitation
- Deduct and remit contributions with each payroll cycle
- Resolve exceptions when a deduction cannot be applied
What you do not do
- Adopt a plan document
- File a Form 5500
- Select or monitor an investment menu
- Keep participant records
- Answer questions about an employee’s balance — you cannot see it
The boundary that keeps it simple
A payroll-deduction IRA arrangement stays outside ERISA when the employer does not endorse the provider or the investments, receives no compensation, and limits its involvement to collecting and remitting contributions. MyFreeIRA is built to keep the employer inside that boundary, and the employer portal is deliberately restricted so it cannot be crossed by accident.
This is why the employer portal shows contribution totals and exception queues but never an individual balance, holding, or beneficiary.
Through your payroll provider, or your bank
If your payroll or HR platform integrates MyFreeIRA, the benefit switches on inside the software you already use; if your bank offers it, enrolment comes through them. Either way the boundary is the same: you deduct and remit, and everything else sits outside your business. Payroll partners → For banks →
What the employer portal shows
| Screen | What it does |
|---|---|
| Dashboard | Participation, contributions to date, next payroll date, open exceptions |
| Employees | Eligibility and invitation status — not balances |
| Payroll contributions | Each cycle with its state, and any item that failed and why |
| Plan settings | Eligibility rules, payroll calendar, authorised administrators, documents |
See footnote 4
Footnotes
- No account establishment fee, no maintenance fee and no closing fee. Cash held in the money market option carries no MyFreeIRA fee. Investment options other than the money market may carry third-party costs, described on the Fees page. ↩
- Figures and account activity shown in demonstration screens are illustrative and do not represent a real account, a quotation, or expected performance. ↩