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.” In this week’s reader poll, 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; there are 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.
Published reports indicate that last year, about $10 million was spent on promotion and research for the myRA, and that the account custodian, Comerica Bank, cost another $10 million, and a little more than $3 million was spent on staffing and operations.
Reply to this week’s NAPA Net reader poll at https://www.research.net/r/YGR5MPW.
And we’ll wrap it all up for you on Friday!
