Press release of a report published in 2009...(there was a $1billion line item in the executive branch budget to create a mandatory IRA program - that would invest in special “retirement” US government bonds.
New U.S. Government Retirement Agency Coming in 2010: The Department of Inefficiency
Given The Infrastructure And Capabilities Currently In Place, A New Government Agency Dedicated To Retirement Savings, With Its US$1 Billion Annual Price Tag, Is A Suboptimal Solution.
Boston, MA, May 26, 2009 – A new report from Aite Group, LLC details the United States’ proposed new retirement savings plan, as it is currently configured, and lists similar services currently offered by brand-name, low-cost firms.
The current U.S. executive branch has shifted its focus for retirement savings initiatives in 2010. Previously on the table was a program to mandate enrollment in employer-sponsored 401(k) plans. Now, the administration has settled on an auto-enrollment IRA program through payroll deduction. While many details of the plan are still in development, Aite Group suggests that a new government agency dedicated to retirement savings, with its US$1 billion annual price tag, is a suboptimal solution - particularly given the existing financial services infrastructure.
Where's the money, Triple?