Trump to Sign Retirement Accounts Executive Order, Launching TrumpIRA.gov
President Donald Trump will sign a retirement accounts executive order on Thursday to expand access to retirement plans for workers whose employers do not provide one. The order directs the Treasury Department to launch TrumpIRA.gov, an online marketplace where those workers can choose a plan and, if they qualify, use it for the Saver’s Match.
TrumpIRA.gov Marketplace
The Treasury-run site will let workers without employer-provided retirement plans select their own plan. Treasury will vet the plans on the website, but it will not partner with specific financial institutions as it does on Trump Accounts.
Workers who make less than $35,500 as an individual or $71,000 as a couple can use that plan to claim the Saver’s Match. Congress passed the program in 2022, directing the federal government to match contributions from low-income workers with up to $1,000 starting next year.
Millions Without Plans
About 54 million people who work full-time or part-time do not have access to an employer-provided retirement plan. About 27 million people who qualify for the Saver’s Match are not enrolled in a plan where they can collect it.
Treasury will also run an awareness campaign for the website and issue guidance on how private-sector donors can contribute to workers’ IRAs. Treasury and the National Economic Council will draft legislative recommendations that could expand the concept further, including automatic enrollment in private-sector IRAs and broader Saver’s Match eligibility.
Obama MyRA Legacy
Barack Obama unveiled a similar push in his 2014 State of the Union address through the now-defunct myRA. Trump shut down myRA in 2017, citing extremely low demand and high cost to taxpayers.
The new website is not expected to supplant state-run retirement marketplaces that require employers without a retirement plan to automatically enroll their workers in a state-run IRA. Treasury must have TrumpIRA.gov in place by 2027, when the Saver’s Match goes live, giving the administration a deadline for how quickly the marketplace has to work for workers who have been left out of employer plans.
