Last year, the president introduced the myRetirement Account (myRA) for those who do not have access to corporate retirement plans in an effort to get more people to save for their own retirement. Employers have to set up direct-deposit capabilities for their employees to open a myRA. Other than the U.S. Office of Personal Management, no other employer has done this.
According to government sources, there are still a number of kinks to work out, thus, employers do not want to jump into the pond yet. The low income wage earners that are the target market for the myRA need to work on short-term emergency savings, get into the habit of savings, and then might take advantage of a long term plan such as the myRA.

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