U.S. President Donald Trump signed an executive order on Thursday calling for a new government website where people in the U.S. can find and compare private-sector retirement savings accounts.
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 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.
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Trump’s order is meant to help make the match available to roughly 50 million people who don’t 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. He isn’t offering a new government retirement plan but helping match workers with existing plans from private companies.
The Saver’s 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 “to the next level” by asking Congress to expand it to those with incomes higher than $35,000 a year. Kevin Hassett, director of the White House’s National Economic Council, said many middle-income earners also lack access to employer retirement plans.
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