'MyRA' = "starter savings account" option for employers
During the SOTU President Obama mentioned 'MyRA'
Two related posts below...
Four Major Executive Actions Obama Will Take In 2014
-snip-
-- Create a "starter savings account" option for employers who don't provide retirement benefits via 401Ks or IRAs, to encourage workers to get into the habit of saving money. Senior administration officials acknowledge that it has to be simple and efficient to work, but they expect millions of Americans, including those with low incomes, to take advantage of and benefit from it.
http://talkingpointsmemo.com/dc/obama-executive-actions-2014
Fox News Focus Group Baffled By Retirement Plan For Poor People
One of the policy objectives President Barack Obama unveiled Tuesday in his State of the Union address had members of a Fox News focus group scratching their heads.
Obama vowed to instruct the Treasury to offer starter savings account options, called "MyRAs," for employers who don't provide 401Ks or IRAs for workers to save for retirement.
But by a show of hands, all but one member of a focus group on "The Kelly File" said they had a negative reaction to that proposal -- and they had no idea what a "MyRA" could possibly be.
Here is a sampling of the thoroughly confused reactions to the difficult-to-pronounce retirement plan:
-snip-
http://talkingpointsmemo.com/livewire/retirement_plan_baffles_fox_news_focus_group