The order is intended to help low-income workers gain access to retirement plans before next year, when the federal government will start matching contributions.
WASHINGTON โ 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.
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 Saverโs 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.
Trumpโs 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.
โFor millions of Americans who lack employer-sponsored plans, this will be really revolutionary because theyโll be covered,โ 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 hisย 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.
โTo remedy this gross disparity, Iโm announcing that next year my administration will give these often-forgotten American workers โ great people, the people that built our country โ access to the same type of retirement plan offered to every federal worker,โ Trump said.
The Saverโs 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 โto the next levelโ by asking Congress to expand it to those with incomes higher than $35,000 a year. Kevin Hassett, director of the White Houseโs National Economic Council, said many middle-income earners also lack access to employer retirement plans.
โWeโre working with Congress to significantly expand this program and are looking forward to legislation this year,โ Hassett said at the ceremony.
Copyright 2025 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. ย ย ย
