President 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 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
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The Washington Times · 39h
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