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Trump administration kills Obama-era retirement program
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| Contributor | RP |
| Last Edited | RP Aug 02, 2017 01:21pm |
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| Category | Rule Change |
| Author | Irina Ivanova |
| Media | TV News - Columbia Broadcasting System CBS News |
| News Date | Friday, July 28, 2017 07:20:00 PM UTC0:0 |
| Description | The Trump administration is killing a federal program aimed at helping lower-income workers save for retirement less than two years after it was launched.
The U.S. Treasury Department announced on Friday that it is pulling the plug on the myRA program after determining that it is "not cost effective." It's being eliminated as part of a broader review of existing programs. The government has spent about $70 million since 2014 to set up, promote and run the myRA program, the Treasury said; shutting it down will save about $10 million a year.
The myRA program was launched by former President Barack Obama's administration to encourage saving among the roughly 55 million people who lack access to a retirement plan through their jobs. It was touted as a risk-free "starter" account that would earn a guaranteed, though low, investment return. Unlike other retirement vehicles, myRA had no fees or minimum balance requirements, and did not penalize savers for withdrawing funds early. |
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