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Sheldon Whitehouse

Treasury retirement plans could assist Californians without employer-sponsored savings

Treasury retirement plans could assist Californians without employer-sponsored savings

A recent study shows nearly half of California workers don’t have a retirement savings plan available at work, and the U.S. Treasury Department is hoping a new no fee, no minimum deposit retirement saving program will fill the gap.

Treasury Secretary Jack Lew met with reporters Friday to highlight the Department’s myRAprogram, which President Obama unveiled in 2014. Implementation of the program began in late 2015.

“We want to get people started, because the earlier people start saving, the more they will put aside, the more prepared they’ll be,” Lew said.

The plans are designed so that people can contribute...

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