MyRA Will Offer Retirement Accounts to Employees Without Access Through Employers

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It is estimated that nearly half of American employees do not have access to retirement plans sponsored by their employers. President Obama announced in his State of the Union address that he would be ordering the Department of the Treasury to create the “myRA” (short for “my retirement account”), and signed a presidential memorandum to that effect last week. Employers will not be required to administer or contribute to myRAs, and, as a result, it is expected that there will be little to no cost for the employers that offer them. It is anticipated that myRAs will begin to be offered by employers who participate in a pilot program by the end of 2014.

More details on the myRA can be found here:

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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