A company in Sioux Falls, S.D., claims that President Barack Obama's new retirement savings option for low- and middle-income Americans was its idea.
Kingdom Trust Co. established the MyRA in 2009 to administer individual retirement accounts, but although they share a name, they are two different retirement vehicles.
The president announced the MyRA concept during his State of the Union address on Jan. 28, which would allow anyone who would like access to a retirement plan to defer money into a MyRA account through deferrals from their paycheck. The money would invest in safe government bonds and would eventually be rolled over into a Roth IRA once the balance reached $15,000.
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