PITTSBURGH (KDKA/AP) – With a stroke of his pen, President Barack Obama has created a new savings plan designed for Americans who don’t have workplace retirement plans.
Obama took to a Pennsylvania steel plant Wednesday to sign an order to create the “myRA” program in which workers could contribute as little as $5 from their paychecks. The idea is to offer a “starter” account to let people begin saving even if they can’t afford the large initial investment often needed for a private, commercial retirement account.
Obama says every working American should be able to feel some security.
Obama’s action comes the day after he announced the idea in his State of the Union address.
Before the stop in West Mifflin the president visited a Costco store in Maryland, where he discussed raising the minimum wage to $10.10.
Congressman Tim Murphy and Allegheny County Executive Rich Fitzgerald, who was a guest of Congressman Mike Doyle, joined KDKA Radio’s Larry Richert and John Shumway to give their take on how the president did during his State of the Union speech.
They also gave their thoughts on President Obama’s scheduled visit to a U.S. Steel plant in West Mifflin.
Listen to the KDKA Morning News with Larry Richert and John Shumway weekdays from 5 a.m. to 9 a.m. on NewsRadio 1020 KDKA.