dailyloe.com – President Donald Trump is set to sign an executive order on Thursday aimed at expanding access to retirement plans for workers lacking employer-provided options. Two White House officials disclosed this information to Semafor.
The order will instruct the Treasury Department to create an online marketplace for retirement plans, named TrumpIRA.gov. This platform will allow workers without employer-sponsored plans to select their own retirement options.
Workers earning less than $35,500 individually or $71,000 as a couple can use their chosen plans to claim the Saver’s Match. This legislation, passed by Congress in 2022, enables the federal government to match contributions from low-income workers up to $1,000 starting next year.
The rollout of this initiative comes as the Trump administration aims to position itself ahead of Democrats on affordability issues before the midterm elections. Rising gas prices and other costs amid the ongoing Iran war have negatively impacted consumer sentiment.
Semafor previously reported in February that officials were considering ways to assist workers without access to employer retirement plans. Trump confirmed this initiative during his State of the Union address.
Former President Barack Obama had introduced a similar initiative, myRA, in his 2014 State of the Union address, but Trump discontinued it in 2017, citing “extremely low” demand and its high cost to taxpayers.
State-run online marketplaces for retirement plans have generally faced challenges. However, officials are optimistic that a Treasury-run marketplace can effectively reach more individuals, especially when paired with the Saver’s Match and donor contributions.
Approximately 54 million individuals working full- or part-time do not have access to employer-provided retirement plans, according to the Economic Innovation Group. Additionally, around 27 million eligible workers are not enrolled in a plan to collect the Saver’s Match.
The previous Treasury-run myRA was limited to low-return Treasuries. In contrast, TrumpIRA.gov will allow workers to filter retirement plans based on cost, minimum contribution, and minimum balance, encouraging a broader range of investments from the private sector.
The executive order will also require the Treasury to launch the website by the time the Saver’s Match becomes available in 2027. Furthermore, it will mandate an awareness campaign and guidance on how private-sector donors can contribute to workers’ IRAs.
