Back in 2015 we introduced you to myRA. Well, OK, Treasury under the Obama Administration introduced myRA but we sat down with “her” for this exclusive, in-depth interview.
Well, myRA is no more. The program intended for people who did not have access to workplace savings plans is being discontinued.
The program has been far from successful. Since the end of 2015:
- only 30,000 accounts have been opened
- 10,000 accounts have never been funded
- the median account has a $500 balance
In total since the program began $34,000,000 has been contributed. Treasury has spent $70,000,000 since 2014 to create and operate the program. Ongoing costs are estimated at $10,000,000/yr. Given the Department of Labor wants to go after retirement advisors for “excess fees” we’re wondering if the Feds should sue themselves!