Workers have one fewer option to save for retirement in the wake of the shutdown by the Department of the Treasury of the myRA program, intended for workers who had no access to a retirement plan at works so that they could save for retirement.
The New York Times reports that the program, put in place under former President Barack Obama, was called "too expensive" by Treasury, which is notifying the 30,000 participants in the program of its end by e-mail today. They will be told that they can roll the money over into a Roth IRA.
President Obama ordered the creation of the MyRA program three years ago as a means of improving retirement preparedness for people who did not have access to a plan through employment.
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