Trump Signs Executive Order Expanding Access to TrumpIRA.gov Retirement Accounts

President Donald Trump signed an executive order on Thursday expanding access to retirement savings for workers whose employers do not offer 401(k)-type plans, directing the Treasury Department to launch a new website, TrumpIRA.gov, where people in the United States can “find and compare private-sector retirement savings accounts.”

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Axios

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 through the Saver’s Match.

Business Insider

NBC News reported that starting in January the Saver’s Match will offer “a match of up to $1,000 for workers who make less than $35,000 a year,” and that 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.

USA Today said the executive order was signed on April 30 and that it creates a new website, TrumpIRA.gov, that workers can use to enroll in a private-sector retirement plan, with the site to be active by January 1, 2027.

Trump told reporters at an Oval Office signing ceremony, “Beginning at the start of next year, every American will be able to go to TrumpIRA.gov and open a new low-cost IRA account,” and he added, “You'll then be able to access the same type of retirement accounts that federal employees enjoy.”

The order does not create a new government retirement plan, but instead is designed to “help match workers with existing plans from private companies,” according to NBC News, while CNN described it as putting “some meat on the bones” on a proposal Trump introduced in his State of the Union address in February.

In parallel, the executive order sets the stage for the Saver’s Match program that comes from 2022 legislation passed under Democratic President Joe Biden, with TrumpIRA.gov built to connect eligible workers to private-sector IRA options.

The executive order is tightly linked to the Saver’s Match, a matching contribution program created by 2022 legislation under President Joe Biden, and multiple outlets laid out how the match is supposed to work once it begins.

NBC News said the Saver’s Match will start in January and offer “a match of up to $1,000 for workers who make less than $35,000 a year,” and it specified that Trump’s order is meant to help make the match available to roughly 50 million people without employer-sponsored retirement plans.

CNBC

USA Today described the Saver’s Match as launching alongside TrumpIRA.gov and said it is tailored to boost the share of American workers saving for retirement, with “nearly 22 million lower-income employees” becoming eligible for matching funds from the government.

USA Today also stated that the maximum match is $1,000 per person and that to qualify a single tax filer must earn less than $35,500, while the cap for joint filers is $71,000.

CNN added more detail on eligibility and the structure of the match, saying the match will be available to low- and moderate-income workers who make less than $35,500 (or $71,000 as a married couple) if they save up to $2,000 a year ($4,000 for couples) in a qualified retirement plan, with the federal match “worth up to $1,000 ($2,000 for couples).”

CNBC similarly described the Saver’s Match as going into effect in tax year 2027 and said single taxpayers with a modified adjusted gross income of up to $20,500 or joint filers making up to $41,000 qualify for a government match worth 50% of up to a $2,000 contribution, for a maximum match of $1,000 a year.

The outlets also differed on some income thresholds and timing language, with NBC News referencing “less than $35,000 a year” and USA Today and CNN referencing “less than $35,500” for single filers.

Several reports described TrumpIRA.gov as a Treasury-run marketplace designed to help workers select private-sector retirement plans that can qualify for the Saver’s Match, while also imposing constraints meant to keep costs down.

“President Donald Trump signed an executive order Thursday to create a new way to save for retirement for workers who don't currently have access to a 401(k) or another workplace plan”

CNBC

USA Today said the order calls for the site to be active by January 1, 2027, and it reported that under Trump’s order workers can use the TrumpIRA.gov site “to filter and select IRAs based on their cost and quality,” drawing from a list of private plan administrators that offer low administrative costs and do not impose minimum contribution or balance requirements.

CNN said the executive order specifies that the IRA providers listed on TrumpIRA.gov must “maintain low administrative costs” where the overall annual expense ratio—covering operating costs, management fees and administrative expenses—may not exceed 0.15% of one’s account balance, and it added that the companies are prohibited from imposing minimum-contribution or balance requirements.

Semafor described the marketplace as an online portal where workers without employer-provided retirement plans can select their own, and it said the order directs Treasury to launch TrumpIRA.gov where workers can “filter retirement plans by factors like cost, minimum contribution, and minimum balance.”

CNBC said the executive order directs the launch of a new website next year, TrumpIRA.gov, where workers could research, compare and enroll in private-sector IRA accounts through which, if eligible, they could collect a matching contribution from the federal government.

The Hill reported that the Treasury Department will launch TrumpIRA.gov, where workers are able to choose their own retirement plans, and it quoted Trump saying, “I’m thrilled to sign a historic executive order expanding access to high-quality retirement savings accounts for millions of Americans.”

Fox Business added that workers will be able to utilize the site to filter private-sector retirement plans based on different factors so they can join one that would enable them to receive the match if qualified.

At the Oval Office signing ceremony, Trump framed the executive order as a way to extend retirement access to people without employer-sponsored plans, and multiple outlets carried his remarks alongside statements from administration officials and advocates.

NBC News quoted Trump saying, “For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” and it also reported that he said he was not offering a new government retirement plan but helping match workers with existing plans from private companies.

Fox Business

USA Today quoted Trump saying, “It only seemed fair,” and “Promises made, as I say. Promises kept.”

NBC News also quoted Kevin Hassett, director of the White House’s National Economic Council, saying, “We’re working with Congress to significantly expand this program and are looking forward to legislation this year,” and it added that Hassett said many middle-income earners also lack access to employer retirement plans.

CNN quoted Trump describing the plan as “really revolutionary,” and it also included a quote from Kim Olson, senior officer on the retirement savings project at the Pew Charitable Trusts, saying, “Last year, 87% of people without access to a retirement plan at work indicated they would be more likely to save if they could get that match.”

USA Today quoted Bill Sweeney, AARP senior vice president of government affairs, saying, “Americans are 15 times more likely to save for retirement when they have access to a workplace savings plan, but roughly half of all private-sector workers currently lack access to one,” and it linked that to praise for the executive order and the implementation of the Saver’s Match.

CNBC included a quote from Teresa Ghilarducci, a professor at The New School, saying, “Establishing a universal retirement system to companion with Social Security was always needed, and its time has come,” and it also quoted her later saying, “To take it to the next level, we need congressional approval, which should be very easy to get. It should be bipartisan.”

While the executive order was presented as a major expansion of retirement access, the reporting also highlighted that the policy’s long-term impact depends on congressional action and on how the Saver’s Match and TrumpIRA.gov are implemented.

“President Donald Trump signed an executive order on Thursday to help expand access to retirement savings accounts for Americans who do not have employer-provided plans”

Fox Business

NBC News said Trump 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, and it quoted Hassett saying the administration is working with Congress to “significantly expand this program.”

NBC News

CNN reported that the executive order directs the federal government to increase public awareness of the new Saver’s Match and said the order notes the administration will recommend Congress “codify the policy set forth in this order so that workers lacking access to employer-provided retirement plans … have access to a retirement option with low fees, eligibility for the Federal Saver’s Match or other matching contributions, diversified index‑based investment options, automatic portfolio choices, and portability.”

CNBC similarly described the executive order’s call for legislative action, quoting Trump saying, “To take it to the next level, we need congressional approval, which should be very easy to get. It should be bipartisan,” and it quoted Ghilarducci saying, “To take it to the next level, we need congressional approval, which should be very easy to get. It should be bipartisan.”

Semafor added that the order taps Treasury and the National Economic Council to draft legislative recommendations that could expand the concept further, including by automatically enrolling workers in private-sector IRAs and by making more workers eligible for the Saver’s Match, while noting that the latter would require significant funding.

Axios framed the political and policy context by saying the order has “a surprising amount of bipartisan support,” and it quoted John Lettieri, cofounder of EIG, saying, “It’s a huge step forward,” while also quoting Lettieri that the universe of low-income earners is a “huge uncaptured market.”

Business Insider included a counterpoint from Romina Boccia, director of budget and entitlement policy at the Cato Institute, saying that spending commitments “may not actually address the financial problems of lower-income Americans,” and it also quoted Teresa Ghilarducci calling the expansion “the largest potential expansion of retirement coverage since Social Security.”