Obama-era sav­ings pro­gram will end

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — The As­so­ci­ated Press

NEW YORK — A sav­ings pro­gram put into place un­der Pres­i­dent Barack Obama and de­signed to get more peo­ple to put away money for re­tire­ment is be­ing killed.

The sav­ings pro­gram, called myRA, was cre­ated about two years ago to give peo­ple with­out ac­cess to a 401(k) or other re­tire­ment plan from their em­ployer a way to put money away. The myRA ac­counts had no fees or min­i­mum de­posit.

The U.S. Trea­sury Depart­ment said Fri­day that that the pro­gram was too costly and that de­mand was “ex­tremely low.” It says myRA savers had put away about $34 mil­lion and that the pro­gram cost tax­pay­ers nearly $70 mil­lion.

The Trea­sury is ad­vis­ing those with ex­ist­ing ac­counts to trans­fer money to Roth IRAs at a bank or bro­ker­age firm.

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