Mayor Kasim Reed joined myRA Executive Director Richard Ludlow to announce the City of Atlanta’s support for the U.S. Department of Treasury’s myRA, a savings account for Americans who lack access to an employer-sponsored retirement savings plan. The initiative will be led by the Department of Human Resources Commissioner Yvonne Cowser Yancy and will encourage city employees, Atlanta residents and local business leaders to consider the savings plan.

“The myRA program is a terrific tool for people to start saving for their future,” said Mayor Kasim Reed. “The City of Atlanta supports the program and is committed to working with the U.S. Department of Treasury to ensure that employees and Atlanta residents have the resources they need and are planning properly for retirement security.”

Program participants will be able to have a portion of their paycheck deposited directly into their myRA automatically every pay period, or can contribute from a checking or savings account, as well as their federal tax refund.

The Treasury Department’s myRA is an additional option to the retirement programs that the City of Atlanta currently offers to employees, which includes a city-sponsored pension program and 401(a) plan.

“Too many employees are unprepared for retirement,” said Commissioner Yancy. “The myRA program removes many of the barriers in other retirement plans which keep people from saving for the future, such as minimum contributions and fees. Participating in a savings plan today will help provide a better quality of life in retirement. We encourage all City of Atlanta employees to sign up.”

According to a 2015 Federal Reserve Report, 31 percent of non-retired people reported that they have no retirement savings or pension, and lack access or are not eligible for a retirement savings plan at work.