Trump Axes Obama's MyRA Retirement Accounts After $70mm Of Taxpayer Funds Wasted | Zero Hedge An Obama-era program that created savings accounts to help more people put away money for retirement is being shut down by the Treasury Department, which deemed the program too expensive. The 30,000 participants in the program, known as myRA and intended for people who did not have access to workplace savings plans, were sent an email on Friday morning alerting them of the closing. Participants were informed that they could roll the money into a Roth individual retirement account, the Treasury Department said. To summarize, a MyRA was, more or less, an IRA without the investing flexibility as you could only invest in a massive government-sponsored ponzi scheme. Shockingly, as the New York Times points out today, the accounts turned out to be a massive disaster costing taxpayers $70 million, or roughly 2x the amount of money that was invested in the 20,000 accounts that were actually opened and funded.