The Washington state Small Business Retirement Marketplace was originally scheduled to open before Labor Day, but the discontinuation of the federal myRA program has set back the launch date, reports Bloomberg BNA. The marketplace was designed to offer myRA as an option, and would have been the only option offered without additional fees. The Trump administration halted enrollment of new myRA accounts on July 28.
Bloomberg BNA describes myRA accounts as a, “Roth individual retirement account,” with a $15,000 savings limit. The Trump administration discontinued the program due to it not being very cost-effective. Lawmakers praised the cancellation. Senator Orrin Hatch from Utah wrote in a letter that, “while perhaps well intended, the scheme has not been a net benefit to savers and American taxpayers, and was set up through executive overreach to sidestep the Congress.”
Bloomberg BNA reports that the launch of the state retirement marketplace will only be delayed by a few weeks.
Director of the Washington marketplace Carolyn McKinnon told Bloomberg BNA that the delay is, “a substantial setback for 2 million workers who don’t have access to a retirement plan at work.”