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The decision by the U.S. Treasury Department to terminate the federal myRA retirement savings program is a missed opportunity, opines the San Fransisco Chronicle.
The program was established during the Obama administration to assist low-wage Americans save for retirement, particularly the 55 million workers lacking access to an occupational pension. The Treasury cancelled it, saying it was too expensive to operate and wasn’t engaging enough savers.
Much of the associated costs involved start-up fees, states The Chronicle, adding the program “would cost only about $10 million per year going forward.” It had 30,000 participants with combined assets of $34 million.
“While those numbers could have been better, new programs often take time to attract participants — especially for something as complex as retirement financial planning,” the editorial continues.
More: California proceeding with its own plan.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions.ca

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