WASHINGTON — President Donald Trump signed an executive order on Thursday calling for a new government website where people in the United States can find and compare private-sector retirement savings accounts, aiming to help millions of workers whose employers do not offer such plans.
Subscribe to read this story ad-free
Get unlimited access to ad-free articles and exclusive content.
The order is intended to help more people gain access to retirement plans before next year, when the federal government will start matching retirement contributions made by lower-income workers.
That new matching contribution, known as the Saver’s Match, comes from 2022 legislation passed under Democratic President Joe Biden. Starting in January, it will offer a match of up to $1,000 for workers who make less than $35,000 a year.
Trump’s order is meant to help make the match available to roughly 50 million people who do not have retirement plans offered by their employers. The Republican president directed the Treasury Department to launch TrumpIRA.gov, where workers will be able to compare private-sector retirement plans.
“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” Trump said at an Oval Office signing ceremony.
He is not offering a new government retirement plan but helping match workers with existing plans from private companies.
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.
Unlock the power of automated options trading with Tony Zhang, Chief Strategist at OptionsPlay. In this exclusive training, Tony reveals…
Join Grayson as he shares how to streamline your analysis using custom ChartStyles. He demonstrates how to create one-click ChartStyles…
This week, Joe analyzes all 30 Dow Jones Industrial Average stocks in a rapid-fire format, offering key technical takeaways and…
King Charles III will highlight the crucial bonds between the United Kingdom and France in the face of a “multitude…
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ 1911 Gold Corporation (‘1911 Gold’…
