Trump signs order expanding retirement plan access for uncovered workers

President Donald Trump has signed an executive order directing the launch of a new website for private-sector workers without access to employer-sponsored retirement plans to browse and enroll in qualifying accounts.

The portal, to be called TrumpIRA.gov, is set to be operational by January, according to multiple reports.

That timing coincides with the rollout of a government contribution program for lower-income savers that traces back to Secure 2.0, a bipartisan law enacted in 2022 under former President Biden. That legislation converted an existing nonrefundable tax credit into a "saver's match." 

“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, as part of the federal Saver’s Match program,” Trump told reporters at a White House press conference Thursday. “Low-income Americans will be eligible to receive up to $1,000 per year in matching funds deposited directly into their accounts.”

Under the Saver's Match, which will take effect in tax year 2027, single taxpayers with an adjusted gross income of $20,000 will qualify for a federal government match worth 50% of up to a $2,000 contribution into a qualified retirement account. Qualifying contributions will be less for single filers falling between the $20,000 and $35,000 income range.

"To take it to the next level, we need congressional approval, which should be very easy to get," Trump said, referring to a potential expansion in coverage and credits extended under the plan. "It should be bipartisan."

Kevin Hassett, who now leads the National Economic Council, previously backed comparable legislation during the Biden administration. During the Thursday press conference, he said the administration is seeking legislation that would put the plan within more Americans' reach.

Unlike the administration's Trump Accounts initiative for children, which involved partnerships with specific financial institutions, Treasury will not work with named partners for the new retirement portal. The department will, however, screen the plans made available through the site, according to reporting that came first from Semafor, which cited two White House officials.

The scale of the coverage gap the order is aimed at addressing is substantial. A 2025 Pew Charitable Trusts report, also cited by AARP, found that roughly 56 million private-sector workers have no retirement plan available through their employer – representing close to half of the US workforce in that segment.

Trump first raised the retirement access issue during his State of the Union address in February, where he said his administration would give workers "access to the same type of retirement plan offered to every federal worker" and pledged to "match your contribution with up to $1,000 each year." Treasury Secretary Scott Bessent said at the time the plan could advance through the budget reconciliation process, framing it as the president "coming back for working Americans."

Last year, he signed a separate order to open 401(k) plans to alternative assets such as private equity, real estate, and cryptocurrency, directing the Department of Labor to revisit federal guidance that has historically limited plan administrators from offering private market exposure. That order also called on Treasury and the Securities and Exchange Commission to clarify how fiduciary rules apply to funds holding such assets.

Read more: DOL proposes new 401(k) rule aimed at broadening investment menus

The structure of TrumpIRA.gov has practical implications for advisors. A portal model – without direct institutional partnerships but with Treasury vetting – points toward a contained menu of screened options rather than an open marketplace.

Advisors serving gig workers, solo practitioners, or small employer clients will likely want to monitor how eligibility thresholds and default enrollment mechanics are written into the eventual implementing guidance.

Christopher L. Gandy, president of the National Association of Insurance and Financial Advisors, expressed support for Trump's new executive order on Thursday, emphasizing the need to "[address] Americans’ growing concerns about their long-term financial futures.

"NAIFA looks forward to learning more about the administration’s proposed retirement savings initiative and working with policymakers to strengthen awareness, understanding, and use of the retirement plans and financial tools already available to workers and families," Gandy said in a statement.

Chris Spence, head of Federal Government Relations & Public Policy at TIAA, said it was "encouraged by the Administration's continued focus on improving America’s retirement system," while arguing that "any solution to the retirement savings gap should include access to lifetime income investment options."

"Research consistently shows that automatic enrollment, employer matching contributions, and the convenience of payroll deduction dramatically increase participation rates and contribution levels," Spence said. "Without these structural supports, individuals face meaningful barriers to building long-term financial security."

"The voluntary retirement system is a clear success of smart government policy meeting the strength and innovation of the private sector," said Erica Richardson, chief of staff and strategic communications officer at the Investment Company Institute.

"Tax incentives and bipartisan reforms have helped turn investing into a habit for millions, channeling over $30 trillion into Americans’ futures ... The Administration wants to build—let’s work together to build on the foundation already in place to deliver more savings for more American families.”