[Congressional Record Volume 162, Number 22 (Monday, February 8, 2016)]
[Extensions of Remarks]
[Page E131]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 INTRODUCTION OF THE ``MAKING YOUR RETIREMENT ACCESSIBLE ACT'' OR THE 
                              ``myRA ACT''

                                 ______
                                 

                          HON. JOSEPH CROWLEY

                              of new york

                    in the house of representatives

                        Monday, February 8, 2016

  Mr. CROWLEY. Mr. Speaker, I am proud to introduce, along with 
Congressman Keith Ellison, the ``Making Your Retirement Accessible 
Act,'' also known as the ``myRA Act,'' to help address the savings and 
retirement security crisis in America.
  Here are a few startling facts:
  According to a 2015 Federal Reserve Report, 31 percent of non-retired 
individuals said they have no retirement savings or pension whatsoever.
  Among workers who do not participate in a 401(k) or other defined 
contribution plan, 42 percent say that is because their employer does 
not offer one.
  For part-time workers, it can be even more difficult, as a 2015 BLS 
Economic Release found that 62 percent of part-time workers don't have 
access to a retirement plan at work.
  To address this looming crisis, the Obama Administration recently 
launched the myRA program to help workers who face obstacles to saving, 
such as by not having access to an employer-sponsored retirement plan 
or not having enough in personal funds to purchase and contribute to 
their own IRA.
  The myRA program allows workers to open their own retirement savings 
account with as little as $1, and gives them the ability to make 
automatic payments every pay period.
  Employers would only be responsible for setting up a payroll 
deduction for employees to create and deposit funds into their 
individualized myRA accounts.
  myRA accounts not only encourage workers to build a nest egg for 
their future, but also give workers peace of mind that they can access 
these funds in emergencies.
  Under the myRA program, participants can withdraw funds from their 
account tax-free and penalty-free--so these funds can be used as an 
emergency rainy-day fund as well as a future retirement account, 
further breaking down a barrier against savings.
  The funds invested go solely into U.S. Government savings bonds, 
ensuring these accounts remain stable, not at risk in the market.
  Further, the accounts do not have any associated maintenance charges 
or fees, which means every dollar that is invested will be returned--
plus interest--to the account holder.
  Recognizing most Americans will have a number of jobs in their 
lifetime; myRA accounts are also portable, allowing employees to change 
jobs while still being able to easily maintain their accounts.
  The Administration has taken an important step forward by using their 
existing legal authority to create this program. I salute them for 
their actions in creating this program.
  The myRA program represents an important saving tool, and as such it 
should be welcomed as more than just an administrative program--it 
should be codified into law.
  Today, Congressman Ellison and I are taking that next step to ensure 
this worthwhile program can continue, allowing everyone in our country 
to plan ahead for a secure retirement for themselves and their 
families.

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