Fedweek

Federal agencies should no longer accept new enrollments from their employees in the myRA program, an Obama administration-created retirement savings program that is being phased out by the Trump administration, OPM has said.

The myRA program allowed self-funded retirement accounts for workers not eligible for employer-sponsored retirement programs. Most federal employees were excluded because they are covered by CSRS or FERS and the TSP. However, some—mainly temporary or intermittent employees under certain types of appointments—are ineligible for those programs and thus were eligible for a myRA.

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“Account holders have been contacted by Treasury and the program will establish regular communication to explain the transition process and account holder options. Any federal employees who have enrolled in myRA are encouraged to discuss future appropriate money saving vehicles with whomever they feel is most appropriate,” it says.

Employees who have such accounts should visit the myra.gov site, which includes contact points for customer service, it says.