Trump Signs Executive Order to Expand Access to Retirement Plans

President Donald Trump signed an executive order aimed at expanding access to retirement plans for workers whose employers don’t offer that benefit, seeking to refocus the administration’s messaging on economic issues.

“Beginning at the start of next year, every American will be able to go to TrumpIRA.gov, and open a new low-cost IRA account,” Trump said during a Thursday event at the White House. “You’ll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans, which are incredible.”

Trump said that as part of the federal Saver’s Match program, “low-income Americans will be eligible to receive up to $1,000 per year in matching funds deposited directly into their accounts.”

National Economic Council Director Kevin Hassett said that additional steps to broaden eligibility to middle-income savers would require congressional approval.

“We think it will get approved,” Trump said.

The text of the order was not immediately available, but according to Semafor, which first reported the plans earlier Thursday, it directs the Treasury Department to create the new website to allow workers to find private-sector retirement plans.

The administration aims to sync the effort with legislation passed under former President Joe Biden that would provide contribution matches by the government, an effort to help workers boost their retirement savings, the outlet said.

The Saver’s Match program under the law would provide a matching government contribution of as much as $1,000 a year for individuals with incomes below $35,000. Trump floated the retirement savings initiative during his State of the Union address this year. At the time it wasn’t immediately clear how the plan would differ from the plan set to take effect early next year under the Biden-era law.

About 56 million private-sector employees work for companies that do not offer an employer-sponsored retirement savings plan, according to the AARP.

Read more: Trump Targets 401(k) Gap With Savings Plan for Uncovered Workers

The order comes as Trump’s approval ratings on the economy have dropped to the lowest of his two terms, a recent CNBC survey found. US consumer sentiment fell in April to a record low on worries around the economic fallout from the Iran war. The war, which has brought higher gas prices, has exacerbated voter anxiety over cost of living ahead of midterm elections in November that threaten to break Republican control of Washington.

Trump’s efforts to reassure voters over his stewardship of the economy have also been faltering, with allies expressing frustration over the inconsistent messaging and focus on the conflict in Iran.

Federal Reserve officials Wednesday opted to leave interest rates unchanged amid the uncertainty caused by the Middle East conflict.

Read more: Trump’s War, Redistricting Setbacks Fan Republican Midterm Angst

There has been bipartisan support for similar retirement savings proposals historically.

Hassett advocated during the Biden administration to advance legislation to create a plan for private-sector workers lacking employer-sponsored retirement plans. Bipartisan legislation reintroduced in 2025 also supports providing financial security for lower-wage workers without access to 401(k)-type plans.

--With assistance from Josh Wingrove, Catherine Lucey and Magan Crane.

To contact the reporters on this story:
Hadriana Lowenkron in Washington at hlowenkron@bloomberg.net;
Kate Sullivan in Washington at ksullivan256@bloomberg.net

To contact the editors responsible for this story:
Jordan Fabian at jfabian6@bloomberg.net

Meghashyam Mali, Romy Varghese

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