The White House is betting that convenience—and not necessarily rate of return—will nudge Americans who currently aren't putting anything away for retirement into participating in a new type of savings plan.

In his State of the Union address in January, President Barack Obama introduced a new, no-frills retirement account dubbed the "myRA" (rhymes with IRA), which will function as a retirement-savings vehicle for workers without access to an employer-sponsored plan such as a 401(k).

The president took executive action to direct the U.S. Treasury Department to create the accounts, which will be available beginning in late 2014, says Brandi Hoffine, a Treasury spokeswoman.

Employers aren't required to offer the accounts, and may have to jump through logistical hoops to set up automatic payroll deductions. An as yet unnamed private-sector firm will handle the funds' administration.

Roth Similarities

The myRA is designed to operate like a Roth IRA: Contributions will be considered after-tax and grow tax-free. Also like a Roth, myRAs will be open to individuals earning less than $129,000 and couples who earn less than $191,000, with an annual contribution limit of $5,500 (or $6,500 for those 50 or older).