© 2024 Pension Rights Center. This work is licensed under a Creative Commons Attribution-Non Commercial 2.5 Generic License.
WASHINGTON – The Pension Rights Center lauded the Obama administration today for recognizing the severity of the retirement income crisis by proposing a new Treasury bond to promote savings, particularly for low- and moderate-wage earners.
“While myRAs are only ‘starter’ savings plans, they are an important first step in offering an easy, secure place where lower-income people who are not covered by an employer retirement plan can begin to save for retirement,” said Karen Friedman, the Center’s executive vice president and policy director. “We like the fact that these plans are government-backed, they earn the same interest as the G-Fund (the government securities fund of the Thrift Savings Plan), workers cannot lose the money that they put in, and their money won’t be eaten up by fees.
“The Pension Rights Center encourages President Obama to also support comprehensive solutions, such as the USA Retirement Funds proposal that will be introduced by Senator Tom Harkin (D-Iowa) tomorrow.”
