Skip to comments.Treasury to pick manager for Obama myRA retirement program
Posted on 01/29/2014 1:30:10 PM PST by Jean S
WASHINGTON/BOSTON (Reuters) - President Barack Obama's new "myRA" retirement savings program will be run by a private-sector money management firm chosen by the U.S. Treasury Department from a field of up to 30 firms, a senior administration official said on Wednesday.
In a competitive bidding process to begin in the next few weeks, the Treasury Department will select a firm with experience in handling Roth individual retirement accounts (IRAs), the official said on a conference call with reporters.
The time frame was not clear, with the official saying only that selection would take place in months ahead.
With millions of Americans saving little or no money for retirement, Obama unveiled his myRA account idea in his State of the Union speech on Tuesday evening. He wants the program to get under way in 2015, but many details remain to be worked out.
The myRA would create another option for retirement savings, supplementing the existing IRAs, Roth IRAs and 401(k) retirement accounts. The myRA targets mainly lower-income Americans and those employed by small companies that tend not to offer retirement programs.
Obama was scheduled to appear at a U.S. Steel Corp. plant in Pennsylvania on Wednesday afternoon to talk about the program and sign an order directing its creation by the Treasury.
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These people are getting ready to confiscate IRAs. Scary.
I know this is somewhat rhetorical, but how is this program created without legislation. Of all the overstepping, this one seems as cut & dried as any.
You didn’t build that IRA....
To my mind, this is scraping the bottom of the barrel to find another constituency, but will be irrelevant. If you are interested enough in saving for the future to afford a real retirement account, this is an also-ran. Otherwise, you are probably already in one of O's special interest groups.
Uh, is that legal?
Where is the constitutional authority for the president to do this?
Great, another ponzi scheme
who would be STUPID enough to put money into anything invented by Obama?
Are they Canadian ?
Is the wookie going gown on 'em ?
Anyone who voted for the “messiah”. Simply put, stupid people.
I think he's not going to let The Constitution hold him up, anymore. Especially with NO ONE in the GOP *leadership* trying to stop him.
Doesn’t it have to pass Congress first?
This is really a great ideal. Look how well it worked with Social Security. As long as he promises to put the money in ‘’lock box’, I’m sure everything will be fine.
Actually a pretty good call, GSC
Since I didn’t watch the SOTU last night, when I first heard talk of this program today, I thought it was just a proposal by Obie. I didn’t realize he’d already signed an EO to create it.
This is scary.
I’m sure this will be another smashing success since BO knows so much about small businesses, their employees and “saving some for a rainy day”. Just look at how well he has managed the Federal budget.
But, of course, we couldn’t expect the details to be worked out ahead of time. He just has so many of these big, wonderful ideas. But to his mind, there are no details to be worked out. People whould just give the government access to their checking account, they will take out a set amount every month, you will have to be 98 1/2 to draw out the money and, in the meantime, the government will make far better use of it than any of the subjects could. All the details anyone ever needs to know.