President Barack Obama's State of the Union address brought new life to an old promise about retirement savings for workers.

"Today, most workers don't have a pension," Obama said in his address on Jan. 28, 2014. "A Social Security check often isn't enough on its own. That's why tomorrow I will direct the Treasury to create a new way for working Americans to start their own retirement savings: myRA. It's a new savings bond that encourages folks to build a nest egg."

Obama has not yet been able to pass legislation requiring automatic enrollment in Individual Retirement Accounts, called IRAs, one of his 2008 campaign promises. Due to lack of progress, we rated it Promise Broken in 2012. However, his new plan might help him make progress on the substance of his pledge.

Called "My Retirement Account," or myRA, the program offers new retirement savings accounts for individuals looking for a simple way to start saving, according to an announcement from the U.S. Treasury Department. Individuals can open an account with as little as $25 and contribute $5 or more every payday. Those amounts are important, because traditional IRAs often have required minimum deposits that are beyond the reach of low-wage workers.

In a factsheet on the new plan, the White House noted that Obama does not need congressional approval to launch myRA because he's using an executive order. That order directs the creation of a type of government-backed bond that would earn a low rate of interest and come with a government guarantee.

The product will be offered via a familiar Roth IRA account, which means holders contribute money after income taxes are paid and any investment gains and withdrawals are tax-free once they reach retirement.

To be clear, this plan stops short of requiring automatic enrollment in IRAs. The White House said the accounts will be offered through an initial pilot program for employers who choose to participate. Still, this type of plan could dramatically expand access to retirement accounts. Based on this progress, we're changing our rating from Promise Broken and moving the rating back to In the Works.