WASHINGTON (AP) 鈥� signed an executive order on Thursday calling for a new government website where people in the United States can find and compare private-sector , 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鈥檚 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鈥檚 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.
鈥淔or millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they鈥檒l be covered,鈥� 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 his 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.
鈥淭o remedy this gross disparity, I鈥檓 announcing that next year my administration will give these often-forgotten American workers 鈥� great people, the people that built our country 鈥� access to the same type of retirement plan offered to every federal worker,鈥� Trump said.
The Saver鈥檚 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 鈥渢o the next level鈥� by asking Congress to expand it to those with incomes higher than $35,000 a year. Kevin Hassett, director of the White House鈥檚 National Economic Council, said many middle-income earners also lack access to employer retirement plans.
鈥淲e鈥檙e working with Congress to significantly expand this program and are looking forward to legislation this year,鈥� Hassett said at the ceremony.
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This story has been corrected to show that the income threshold for the Saver鈥檚 Match benefit is $35,500, not $46,000.
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