Jan. 29 - President Obama signed a presidential memorandum for his new ''myRA'' retirement savings program, supplementing the existing IRAs and 401(k) retirement accounts. Rough Cut (no reporter narration).
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ROUGH CUT (NO REPORTER NARRATION)
President Barack Obama signed a presidential memorandum for his new "myRA" retirement savings program, at the U.S. Steel Irvin Plant in West Mifflin, Pennsylvania, on Wednesday (January 29).
"It's a new type of savings bond that we can set up without legislation that encourages Americans to begin to build a nest egg," Obama said.
The myRA would create another option for retirement savings, supplementing the existing IRAs, Roth IRAs and 401(k) retirement accounts. The myRA targets mainly lower-income Americans and those employed by small companies that tend not to offer retirement programs.
"Workers can contribute through automatic deductions in their paychecks... They can keep the same account even if they change jobs. It's safe; these account balances will never go down in value. They're backed by the full faith and credit of the United States government. And it's affordable," said Obama.
Obama's new "myRA" retirement savings program will be run by a private sector money management firm chosen by the U.S. Treasury Department from a field of up to 30 firms, a senior administration official said on Wednesday.
In a competitive bidding process to begin in the next few weeks, the Treasury Department will select a firm with experience in handling Roth individual retirement accounts (IRAs), the official said on a conference call with reporters.
The time frame was not clear, with the official saying only that selection would take place in months ahead.
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