- The Washington Times - Friday, July 28, 2017

The Treasury Department said Friday that it’s canceling an Obama-era program designed to help Americans who don’t have access to a 401k plan at their work save for retirement, saying interest was too low to justify the expense to taxpayers.

Known as myRA, the program was one of President Obama’s State of the Union promises in 2014. It was supposed to try to reach millions of Americans whose jobs didn’t offer retirement savings or pensions plans, and would invest their money in government bonds.

As of late last year, however, just 20,000 people had signed up, according to CNNMoney.

“Unfortunately, there has been very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program,” said U.S. Treasurer Jovita Carranza.

The department said part of the reason for the low level of interest is that the private sector already has a number of good plans that, like the government-run program, don’t charge maintenance fees nor require a minimum balance, and are safe as investment options.


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