Family Finances

FSP Submits Public Comments to Treasury Department on myRA

October 28, 2015  • David Mitchell

On October 23, 2015, Aspen FSP submitted a comment letter to the U.S. Treasury Department regarding the myRA program, a no-fee retirement account invested in savings bonds and available to all Americans.

Specifically, FSP provided feedback requested by Treasury on how best to transfer myRA account balances to private sector Roth IRAs in the event that the myRA saver reaches the Transfer Threshold of $15,000 or 30 years of participation without having specified a preferred private sector provider. To simplify things for savers and ease the administrative burden on the agency, FSP encouraged Treasury to contract with a single private sector Roth IRA provider for all such automatic roll-overs. FSP also argued that Treasury should ensure that the default roll-over option include consumer-friendly features, including low fees and clear investment choices.

Read the full letter here.