The Comerica tower in Dallas. Photo: Comerica.

(Bloomberg) — Comerica Inc. 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 Dallas-based financial services company is custodian for the Treasury Department’s “myRA program” — short for “my retirement account.” 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.

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