Washington, D.C. – The Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings Co-Chairs Senator Kent Conrad and James Lockhart issued the following statement on today’s news that the Treasury Department had decided to move forward with a nationwide retirement savings plan called myRA (“My Retirement Account”):
“Today, the Treasury Department announced that it is moving full-steam ahead with its myRA program, which will provide a low-cost retirement savings option to some of the roughly half of private-sector workers who have no workplace retirement plan today. Those who have no easy avenue to put aside savings for retirement are much more likely to be financially insecure in old age. MyRA represents a small, but necessary, step forward to rectify this problem and we applaud those who have worked on its development.
“Even so, much more remains to be done to enhance savings and retirement security among Americans. That is why we have been co-chairing a commission focusing on these issues at the Bipartisan Policy Center. Exploring how the myRA program could be improved is just one of many areas that we are examining. Early next year, we intend to present policymakers with a comprehensive package of recommendations that rethink how both public programs and the private sector contribute to the savings ability and retirement security of all Americans.”