WASHINGTON — In a significant move to enhance retirement savings options for American workers, President Donald Trump has enacted an executive order mandating the creation of a government website. This platform will enable U.S. citizens to easily search for and compare various private-sector retirement savings accounts, specifically targeting the millions of employees whose workplaces do not provide such plans.
The executive order seeks to increase accessibility to retirement plans ahead of the federal government’s upcoming initiative to match retirement contributions for lower-income earners, slated for next year.
This forthcoming matching program, dubbed the Saver’s Match, was established through 2022 legislation during President Joe Biden’s administration. Beginning in January, it will provide a matching contribution of up to $1,000 for individuals earning less than $35,000 annually.
Trump’s directive aims to extend the benefits of this match to approximately 50 million workers who lack employer-sponsored retirement options. The President has tasked the Treasury Department with launching TrumpIRA.gov, a resource where workers can evaluate and select from private-sector retirement plans.
“This will be transformative for millions of Americans without employer-sponsored plans, ensuring they have coverage,” Trump stated during the signing ceremony held in the Oval Office.
Rather than introducing a new government-run retirement plan, President Trump’s initiative focuses on facilitating connections between workers and existing private-sector plans.
Details of the order were first reported by the news outlet Semafor.
Trump discussed the idea during his State of the Union address in February, when he noted that about half the people in the country do not have access to employer-provided retirement plans with matching contributions.
“To remedy this gross disparity, I’m announcing that next year my administration will give these often-forgotten American workers – great people, the people that built our country – access to the same type of retirement plan offered to every federal worker,” Trump said.
The Saver’s Match program will offer a maximum match of $1,000 for single filers and $2,000 for married couples who file jointly. The maximum will be limited to single filers earning less than $20,500, with smaller matches offered for those earning up to $35,500. It applies to contributions made toward 401(k) plans, IRAs and Roth IRAs.
Trump said he wants to take the match “to the next level” by asking Congress to expand it to those with incomes higher than $35,000 a year. Kevin Hassett, director of the White House’s National Economic Council, said many middle-income earners also lack access to employer retirement plans.
“We’re working with Congress to significantly expand this program and are looking forward to legislation this year,” Hassett said at the ceremony.
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