Individuals who make less than $129,000 a year are eligible to participate in President Barack Obama's MyRA retirement accounts. The U.S. Department of the Treasury, which was tasked with setting up the program after the State of the Union address, pointed out that couples who make $191,000 or less also are eligible to participate in the plan.

Workers who do not have access to a retirement plan at work can open a MyRA account for as little as $25 and contribute $5 or more every paycheck. Account balances will never go down and there are no fees attached to the accounts.

The program initially will be offered through employers and will be backed by the full faith and credit of the United States, the department said in a statement.

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