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Treasury to pick manager for Obama myRA retirement program
Reuters ^ | 1/29/14 | Patrick Temple-West and Ross Kerber

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.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Extended News; Government; News/Current Events
KEYWORDS: ira; myra; obamasotu
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1 posted on 01/29/2014 1:30:10 PM PST by Jean S
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To: Jean S

These people are getting ready to confiscate IRAs. Scary.


2 posted on 01/29/2014 1:32:36 PM PST by glorgau
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To: Jean S

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.


3 posted on 01/29/2014 1:33:02 PM PST by ilgipper (Obama is proving that very bad ideas can be wrapped up in pretty words)
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To: glorgau

You didn’t build that IRA....


4 posted on 01/29/2014 1:33:28 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: Jean S
From what I've read about the MyRA, "That's real retarded, sir" would apply. It's like a mini-Roth IRA which MUST invest in government bonds. Of course the principal is guaranteed in nominal terms! The government is even willing to guarantee 2% interest--which is less than the long bond EVER yielded, even under ZIRP.

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.

5 posted on 01/29/2014 1:33:44 PM PST by Pearls Before Swine
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To: Jean S
I predict Mohamed A. El-Erian, recently departed CEO of PIMCO
6 posted on 01/29/2014 1:33:48 PM PST by Zuben Elgenubi (NOPe to GOPe)
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To: Jean S
sign an order directing its creation by the Treasury.

Uh, is that legal?

7 posted on 01/29/2014 1:34:34 PM PST by Valpal1 (If the police can t solve a problem with violence, they ll find a way to fix it with brute force)
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To: Jean S

Where is the constitutional authority for the president to do this?


8 posted on 01/29/2014 1:34:55 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: Jean S

Great, another ponzi scheme


9 posted on 01/29/2014 1:35:33 PM PST by rainee (Her)
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To: Jean S

who would be STUPID enough to put money into anything invented by Obama?


10 posted on 01/29/2014 1:35:34 PM PST by Mr. K (If you like your constitution, you can keep it...Period.)
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To: Jean S
Yabutt ... can they build a website?

Are they Canadian ?

Is the wookie going gown on 'em ?

11 posted on 01/29/2014 1:35:36 PM PST by knarf (I say things that are true .. I have no proof .. but they're true.)
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To: Mr. K

Anyone who voted for the “messiah”. Simply put, stupid people.


12 posted on 01/29/2014 1:37:51 PM PST by surrey
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To: Jean S
Sounds like they're getting ready to nationalize private retirement accounts.Of course *their* accounts will be exempted.
13 posted on 01/29/2014 1:38:22 PM PST by Gay State Conservative (Osama Obama Care: A Religion That Will Have You On Your Knees!)
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To: Valpal1
Well, 0 does have a pen...and a phone, ya know.

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.

14 posted on 01/29/2014 1:38:28 PM PST by Jane Long (While Marxists continue the fundamental transformation of the USA, progressive RINOs assist!)
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To: Jane Long

Doesn’t it have to pass Congress first?


15 posted on 01/29/2014 1:39:34 PM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Jean S

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.


16 posted on 01/29/2014 1:40:06 PM PST by tbpiper
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To: Zuben Elgenubi
They say that Bernie Madoff is tanned,rested and ready.Check the records and you find that he was a big Rat donor.
17 posted on 01/29/2014 1:40:07 PM PST by Gay State Conservative (Osama Obama Care: A Religion That Will Have You On Your Knees!)
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To: Gay State Conservative

Actually a pretty good call, GSC


18 posted on 01/29/2014 1:42:32 PM PST by Zuben Elgenubi (NOPe to GOPe)
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To: ilgipper

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.


19 posted on 01/29/2014 1:42:40 PM PST by rightwingintelligentsia (Democrats: The perfect party for the helpless and stupid, and those who would rule over them.)
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To: Jean S

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.


20 posted on 01/29/2014 1:42:52 PM PST by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: Jean S

I’ll pass.


21 posted on 01/29/2014 1:43:08 PM PST by bgill
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To: Jean S

Look for good or reasonable returns out of the gate...then they’ll sink the hook.


22 posted on 01/29/2014 1:43:15 PM PST by moovova
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To: Jean S

Can you say “campaign kickback”? Of course you can.


23 posted on 01/29/2014 1:43:19 PM PST by Buckeye McFrog
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To: Jean S

I’m not concerned about where my money is going. Nope, not at all.

It’s not that I trust Barry the Magic Mulatto. I’m not worried because I don’t HAVE any money to put into any kind of retirement fund, and I doubt I ever will.


24 posted on 01/29/2014 1:43:52 PM PST by Luircin
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To: Mr. K
who would be STUPID enough to put money into anything invented by Obama?

All he needs to do is tank the stock market in order to make them all look like geniuses.


25 posted on 01/29/2014 1:44:50 PM PST by Buckeye McFrog
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To: Gay State Conservative

Bernie really was a major Dem contributor.
Somehow that never really was noted by the MSM.


26 posted on 01/29/2014 1:45:02 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: Jean S

The money will be put in a lock box.


27 posted on 01/29/2014 1:46:03 PM PST by Proud2BeRight
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To: GeronL

:P


28 posted on 01/29/2014 1:46:12 PM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Jean S

Gubmint Lockbox Ver. 2.0 .

To be guarded by Slow Joe with his shotgun.


29 posted on 01/29/2014 1:46:23 PM PST by TurboZamboni (Marx smelled bad and lived with his parents .)
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To: Pearls Before Swine
To my mind, this is scraping the bottom of the barrel to find another constituency, but will be irrelevant.

To my mind, this will be another scam. Political appointees will mismanage the fund and somehow the rats will benefit and the taxpayer will pick up the tab. I don't know the details, but the results are always the same.

30 posted on 01/29/2014 1:47:17 PM PST by oldbrowser (Obamacare is Obama's Great Leap Forward)
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To: Jean S

Lemme guess....Bernie Madoff?


31 posted on 01/29/2014 1:47:22 PM PST by RKBA Democrat (Having some small say in who gets to hold the whip doesn't make you any less a slave.)
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To: Jean S

Okay, here’s how I “think” he gets around legislative mandate: 1) This is a privately administered fund investing in Treasuries. 2) The Treasury only serves to regulate and oversee the private fund. 3) The Treasury is the conduit for fund transfers between the individual and this private fund. 4) Treasury can determine how and to whom Treasury bonds are sold. It’s another method of financing the government with long-term investment money with no fear of having the bonds called immediately.


32 posted on 01/29/2014 1:47:42 PM PST by cincinnati65
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To: Jean S

Of course Obama is setting it up,to be followed by reports that not enough poor people are signing up ,so Obama will make a speech that only the rich have an Ra,so the government must fund accounts for minorities,wait and see


33 posted on 01/29/2014 1:48:21 PM PST by ballplayer
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To: Pearls Before Swine

Well, then, if people won’t voluntarily join up,
I guess they’ll have to require them to do it.


34 posted on 01/29/2014 1:49:10 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: ilgipper
Over the next three years, Obama is going to flood the zone with what he believes he can get away with. Every unconstitutional diktat sets the state for the next outrage.

Every day, congress willingly loses prestige and influence as it genuflects to His Will. This will continue until and if Obama is stopped with a counter force. No piece of paper will stop him, only raw force.

That force was supposed to be the senate, a body of state ambassadors. Instead of representing states to congress, the senate represents the president. The senate is Obama’s b!tch, his rubber stamp, and our nation is doomed until the states are returned.

35 posted on 01/29/2014 1:52:37 PM PST by Jacquerie (Restore federalism and freedom. Repeal the 17th. Article V.)
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To: Mr. K

His approval rating is in the forties.

Plenty of stupid people out there.


36 posted on 01/29/2014 1:53:05 PM PST by SaxxonWoods (....Let It Burn...)
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To: Jean S

WHAT LEGISLATION CREATED THIS NEW BUREAUCRACY???????

WHERE DID THE CLOWN GET PERMISSION TO START A NEW MONEY GRABBING PROGRAM??????


37 posted on 01/29/2014 1:53:08 PM PST by SoFloFreeper
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To: ilgipper
Yes, it is totally illegal, and completely unnecessary to do it this way , because the republicans would go for it in a heartbeat. Have republicans introduce legislation for it, with one additional item. Until the budget is balanced, this is the default plan for all federal workers.
38 posted on 01/29/2014 1:54:11 PM PST by Vince Ferrer
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To: Jean S; mickie; pax_et_bonum; flaglady47; Maine Mariner
MyRA....another expensive bureaucracy to be established with plenty of cushy, well-paying jobs for Obama's leftist political cronies plus the moronic relatives of his big donors.

The whole thing will eventually fall apart or run with enormous losses as such liberal schemes always do, but by then it will have drained the taxpayers of millions upon millions of dollars......comparable to the insatiable lust of Dracula to drain victim after victim of their blood.

Obama just needs a cape. Where's the silver stake and slegehammer?

Leni

39 posted on 01/29/2014 2:05:59 PM PST by MinuteGal
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To: Jean S

Because they did such a stellar job with ObamaCare, we now ObamaRA.


40 posted on 01/29/2014 2:06:19 PM PST by headstamp 2 (What would Scooby do?)
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To: Jean S
Yeah, but even if the courts deem it's legal for Der Fuhrer to do this, who in their right mind is ever going to invest in it? Plus the targeted market segment has no money to invest.

On the face of it, the job sounds like less work than the no-show job Moochelle had at U. Chicago!

(Note: Unlike Bernie Madoff, Jon Corzine is still free, AFAIK. Maybe he'd take the job!)

41 posted on 01/29/2014 2:06:27 PM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: oldbrowser

“Political appointees will mismanage the fund and somehow the rats will benefit and the taxpayer will pick up the tab.”

After they rob the hell out of it year in and year out.


42 posted on 01/29/2014 2:09:12 PM PST by headstamp 2 (What would Scooby do?)
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To: ballplayer

That is my thought as well. It won’t surprise me at all.


43 posted on 01/29/2014 2:10:13 PM PST by berdie
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To: Sooth2222

I just want the contract for the web site design


44 posted on 01/29/2014 2:10:14 PM PST by morphing libertarian
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To: Sooth2222

Yet another reason to arrest, judicate and imprison all marxist/commie degenerates.


45 posted on 01/29/2014 2:11:43 PM PST by ogen hal (First amendment or reeducation camp)
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To: GeronL

Take a look at post #32 for a possible work around, by o.


46 posted on 01/29/2014 2:18:11 PM PST by Jane Long (While Marxists continue the fundamental transformation of the USA, progressive RINOs assist!)
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To: Jean S
 photo southpark.jpg

"Aaannnd......It's gone."

47 posted on 01/29/2014 2:18:27 PM PST by digger48
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To: cincinnati65

Created by the President and Privately administered by the Treasury?

“Private” my big toe


48 posted on 01/29/2014 2:32:18 PM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Jean S

They are going to start the program which includes up front automatic withdrawals from the paycheck. Watch the elite banksters be the administrators of the program and when they have enough of other peoples’ money, they say that the program isn’t working and they’ll STEAL all the money. Trust Obama’s bankster friends with your money? lol lol lol It’s a REVERSE BANK HEIST.


49 posted on 01/29/2014 2:42:09 PM PST by floriduh voter (Jackwagons of the United States You Have Wrecked My Country)
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To: ilgipper

Automatic withdrawal from paycheck. How can that not be run through both houses of Congress?


50 posted on 01/29/2014 2:42:59 PM PST by floriduh voter (Jackwagons of the United States You Have Wrecked My Country)
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