WASHINGTON — U.S. President Donald Trump signed an executive order to establish a new government website to increase access to private sector retirement accounts. This initiative aims to help approximately 50 million workers without employer-sponsored retirement plans benefit from the Saver’s Match program, which will take effect in 2022 and will match retirement contributions for low-income workers.
Trump instructed the Treasury Department to create a website called TrumpIRA.gov. Through this site, workers will be able to compare private sector retirement plans. The President stated that this step will be an important development for millions of Americans.
The Saver’s Match program will offer contribution matches up to $1,000 for workers earning less than $35,000 annually. The program covers contributions made to retirement accounts such as 401(k), IRA, and Roth IRA. Trump announced plans to collaborate with Congress to expand the program's scope. White House National Economic Council Director Kevin Hassett noted that many middle-income workers also face difficulties accessing retirement plans and said that legal regulations are being worked on to expand the program.