Treasury To Wind Down The MyRA Retirement Savings Program

By Steve Goldstein Markets MarketWatch Pulse

The Treasury Department on Friday announced that it will begin to wind down the myRA program. A program created under the Obama administration, myRA was intended for people who don't have workplace savings programs. The Treasury Department said the program, which cost nearly $70 million since it was created, was not cost effective. Participants in the myRA program are being notified of the upcoming changes, including information on moving their myRA savings to another Roth IRA. Some 20,000 people were enrolled in the program, according to media reports.

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