NAPA Net - Polling Places 080417

What's Your Take on the End of MyRA?

Last week the U.S Treasury announced that it was winding down the MyRA program, noting that there was “…very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program”. This week, we’d like to know what you think.

In announcing its decision, the U.S. Treasury said that the program held about $34 million in those accounts; approximately 20,000 myRA accounts with a median balance of $500, and an additional 10,000 accounts with no money in them. They also noted that continuation of the program would have cost taxpayers approximately $10 million a year.

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* 1. Regarding the announcement of the program closing, were you:

Not surprised

Surprised

Hadn’t really given it any thought

Other (please specify)

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* 2. Do you think the closing of the MyRA program is:

Doesn't bode well for state-run retirement programs

A bad thing

A good thing

Neither a good nor bad thing

Other (please specify)

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* 3. Which of the following do you think contributed to the program’s termination (check all that apply)?

Lack of money

Distrust of government

Lack of employer support

Change in Administrations

Lack of knowledge about the product

Lack of saver interest

Lack of saver knowledge

Too complicated to set up

Other (please specify)

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* 4. Which of the following do you think MOST contributed to the program’s termination (check all that apply)?

Change in Administrations

Lack of knowledge about the product

Too complicated to set up

Lack of employer support

Lack of saver knowledge

Lack of money

Lack of saver interest

Distrust of government

Other (please specify)

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* 5. Any other comments on the MyRA program, factors driving the MyRA program, the termination of the MyRA program, or the factors driving the MyRA program?

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* 6. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 7. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 8. Suggestions for future survey questions?

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* 9. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...