President Donald Trump signed an executive order on Thursday (April 30) designed to help millions of workers in the United States who do not have access to employer-sponsored retirement plans. The order directs the Treasury Department to create a new government website, TrumpIRA.gov, where people can find and compare private-sector retirement savings accounts. The goal is to make it easier for workers, especially those at small businesses, part-time workers, independent contractors, and self-employed individuals, to save for retirement.

The executive order is timed ahead of the launch of the federal Saver’s Match program, which was created by legislation passed in 2022 under President Joe Biden. Beginning in January 2027, the government will match retirement contributions for lower- and moderate-income earners. Workers earning less than $35,500, or up to $71,000 for married couples filing jointly, can qualify for a federal match of up to $1,000 for individuals or $2,000 for couples if they save in a qualified plan like a 401(k), IRA, or Roth IRA. The match phases out at higher incomes, with the maximum available to those earning below $20,500, as reported by CNN and The Hill.

At the signing ceremony, President Trump said, "For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered." He emphasized that the new website is not a government-run retirement plan, but a resource to help workers connect with existing private-sector accounts that meet strict requirements for low fees and no minimum contributions.

The TrumpIRA.gov platform will require listed providers to keep annual fees below 0.15% of account balances and to eliminate minimum balance or contribution requirements. This is intended to ensure that plans are affordable and accessible to those with modest incomes.

The administration also announced plans to work with Congress to possibly expand the Saver’s Match to workers with higher incomes, aiming to reach even more Americans without employer-based retirement plans. Kevin Hassett, director of the National Economic Council, stated, "We’re working with Congress to significantly expand this program and are looking forward to legislation this year."

While an estimated 50 million workers could benefit from the new website, participation in the program will be voluntary. Experts note that automatic enrollment would likely require new Congressional authority. Research from the Pew Charitable Trusts indicates that nearly half of all private-sector workers currently lack access to a retirement plan through their employers.

The new website and expanded access are set to roll out before the Saver’s Match program takes effect in January 2027, providing Americans with new options to prepare for retirement.

Denise Plante