Comerica was picked to help manage a retirement savings program President Barack Obama announced earlier this year in an effort to help Americans who don't have 401(k) plans.
The financial services company is custodian for the Treasury Department's “myRA” program — short for My Retirement Account. Mr. Obama announced the plan in his State of the Union address in January. It's intended to help workers save by allowing them to deduct a portion of their paycheck each month to be invested in Treasury securities.
The program, which the White House said would be “offered through an initial pilot program to employees of employers who choose to participate by the end of 2014,” is in the trial phase.
Comerica has been selected to administer myRA, said Daniel Watson, a Treasury spokesman. The department hasn't said how many people are enrolled, which companies are participating or when it expects to move beyond the pilot program. The U.S. Office of Personnel Management is among the employers participating in the initial phase.
Comerica spokesman Wayne Mielke declined to comment on the myRA partnership, referring questions to the Treasury Department.
The myRA accounts allow people to make initial investments as small as $25, which will help lower-income people start saving, said Timothy Steffen, director of financial planning at Robert W. Baird. The low balance threshold means myRA's financial partner would have to rely on volume, given the administrative costs of opening such small accounts, Mr. Steffen said.