What is the MyRA President Obama mentioned in the 2014 State of the Union address?
An unexpected revelation from President Obama’s State of the Union address last night unveiled a new retirement savings vehicle called “MyRA”.
According to Brian Graff, CEO of the American Society of Pension Professionals and Actuaries (ASPPA),” It is extremely unfortunate that while promoting the importance of retirement savings in the State of the Union address, President Obama chose to attack the 401(k) plan, the primary retirement vehicle for tens of millions of middle-income working Americans,”
Corporate retirement plans, such as the common 401(k) are held to strict standards by the DOL to ensure they do not disproportionately favor the wealthy. In fact, according to savemy401k.com, 80% 401(k) plan participants come from households making less than $100,000 in income.
We stand behind any effort to assist the American workforce in achieving their retirement goals. We also believe in the advantages of the traditional defined contribution plan, which allows for employer matching and profit sharing contributions, as well as maximum flexibility in investment options.