Obama Administration Announces Plan for “Starter” Retirement Accounts

Anne M. Meyer • February 5, 2014

In his State of the Union address on January 28, President Obama announced that he will use his executive authority to direct the Treasury Department to create “myRA”, a starter retirement savings account program.

According to White House Fact Sheet , a myRA will be available to individuals who do not have access to workplace retirement plans with household incomes of up to $191,000 annually.  Participants may save up to $15,000, or for a maximum of 30 years, in their accounts before transferring the accounts to a private sector Roth IRA.  Amounts in a myRA will be invested in government savings bonds and will benefit from principal protection so the principal investment will not go down in value.

Employers are neither required to administer myRA accounts nor contribute to them.  A pilot program for myRAs will be available by the end of 2014 for employees of employers who chose to participate.

The myRA program seems to be the first step in the President’s proposal to increase retirement savings among lower and middle income households.  While it is a small step toward the President’s plan for retirement reform, it is one that can be implemented without Congressional approval.

Employee burnout: what it is and how to prevent it

By Mardy Gould • May 24, 2024
Employee burnout has become an epidemic in today’s modern workplace. So much so that the World Health Organization (WHO) officially recognizes it as an “occupational phenomenon.”1 While many used to consider mounting workplace stress an individual employee problem, these days, it’s become an employer’s responsibility to prevent burnout before it hurts productivity and business performance—not to mention your employees’ physical and mental health. Luckily, you can prevent burnout from affecting your workforce in several ways. This article will explore the causes and signs of employee burnout and the steps you can take to create a positive work environment where employees feel safe from toxic stress levels.

Form 720 and PCORI fee FAQs

By Mardy Gould • May 23, 2024
If you're a small business owner, you may have heard of the acronym PCORI and the fees that come with it. But what is PCORI, and how does it apply to your organization? Under the Affordable Care Act (ACA), sponsors of self-insured health plans must pay a fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI). PCORI is an independent organization the ACA created to conduct research to help healthcare consumers make better decisions for their specific needs and outcomes. It also performs research related to clinical effectiveness. Employers offering a self-insured medical reimbursement health plan, such as a health reimbursement arrangement (HRA), must pay this fee by July 31 each year via Form 7201. This fee was initially set to expire in 2019, but Congress extended it through September 30, 20292, due to the Further Consolidated Appropriations Act of 20203.
More Posts