MyRA retirement savings initiative
E87660
The MyRA retirement savings initiative was a U.S. government-sponsored starter retirement account program aimed at helping low- and middle-income workers begin saving for retirement through safe, simple, and low-cost investments.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States government program
ⓘ
retirement savings program ⓘ |
| accountType | Roth IRA ⓘ |
| announcedBy | Barack Obama ⓘ |
| announcedIn |
State of the Union addresses
ⓘ
surface form:
2014 State of the Union Address
|
| announcementDate | 2014-01-28 ⓘ |
| backedBy |
U.S. Treasury securities
ⓘ
surface form:
United States Treasury securities
|
| contributionLimitType | subject to Roth IRA annual contribution limits ⓘ |
| contributionMethod |
automatic bank withdrawal
ⓘ
payroll deduction ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| designedAs | starter account for first-time savers ⓘ |
| designedToAddress | lack of access to workplace retirement plans ⓘ |
| discontinuationAnnouncementDate | 2017-07 ⓘ |
| eligibilityCriterion |
employment income
ⓘ
household income below Roth IRA limits ⓘ |
| endDate | 2018 ⓘ |
| feature |
automatic payroll deduction option
ⓘ
no fees ⓘ no minimum balance to open ⓘ portable between jobs ⓘ |
| investmentReturnBasis | same variable interest rate as Government Securities Investment Fund (G Fund) in Thrift Savings Plan ⓘ |
| investmentType | government bond ⓘ |
| language | English ⓘ |
| managedBy | Bureau of the Fiscal Service ⓘ |
| marketingMessage | safe, simple, and affordable retirement savings ⓘ |
| maximumAccountBalance | 15000 USD ⓘ |
| penaltyPolicy | early withdrawals of contributions allowed without tax or penalty ⓘ |
| programStatus | discontinued ⓘ |
| programType | voluntary savings program ⓘ |
| purpose |
help low- and middle-income workers begin saving for retirement
ⓘ
provide a simple starter retirement account ⓘ |
| relatedTo |
Roth IRA
ⓘ
surface form:
Roth individual retirement account
Thrift Savings Plan ⓘ |
| riskLevel | principal protected ⓘ |
| rolloverCondition | required rollover to private-sector Roth IRA after reaching balance cap ⓘ |
| sector | public sector retirement policy ⓘ |
| sponsor | United States Department of the Treasury ⓘ |
| startDate | 2014 ⓘ |
| targetPopulation |
low-income workers
ⓘ
middle-income workers ⓘ workers without access to employer-sponsored retirement plans ⓘ |
| taxTreatment |
after-tax contributions
ⓘ
tax-free qualified withdrawals ⓘ |
| terminatedBy | United States Department of the Treasury ⓘ |
| terminationReason | low participation ⓘ |
| website | myRA.gov ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.