WASHINGTON — President Donald Trump on Thursday signed an executive order aimed at expanding access to retirement savings accounts for Americans who do not have employer-sponsored plans.
The measure calls for the creation of a federal website expected to launch next year, allowing individuals to open low-cost individual retirement accounts and compare private-sector options, according to administration officials.
The order directs the U.S. Department of the Treasury to implement the program and promote a federal matching contribution for eligible low-income workers. Under existing law passed in 2022, individuals earning below a set income threshold could receive up to $1,000 annually in matching funds beginning next year.
Officials said the initiative is designed to increase participation in retirement savings, particularly among workers who currently lack access to employer-based plans.
The program will rely on private financial providers rather than government-managed accounts, while aiming to offer benefits similar to those available through federal employee retirement programs.
As reported by VINnews