At least it's a start. Modest and maybe with a hole or two, President Barack Obama unwrapped a retirement option for workers whose companies don't have a 401(k) plan during his State of the Union Address.
By now, you've read about the MyRA accounts, which will sort of be like individual retirement accounts. Employees can have part of their salary deducted to be deposited into accounts invested in government bonds that would be treated like an IRA at tax time. After they reach a maximum balance, they have to be rolled over into an actual IRA.
I called a childhood friend who doesn't have access to a corporate-supplemented retirement plan and he was delighted. Finally, he said, I get the semblance of a fair shot.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
