The present invention is directed to an MRAM element comprising a plurality of magnetic tunnel junction (MTJ) memory elements. Each of the memory elements comprises a magnetic reference layer structure, which includes a first and a second magnetic reference layers with a tantalum perpendicular enhancement layer interposed therebetween, an insulating tunnel junction layer formed adjacent to the first magnetic reference layer opposite the tantalum perpendicular enhancement layer, and a magnetic free layer formed adjacent to the insulating tunnel junction layer. The first and second magnetic reference layers have a first fixed magnetization direction substantially perpendicular to the layer planes thereof.