Trump To Sign Executive Order Launching TrumpIRA.gov To Expand Retirement Access

President Donald Trump will sign an executive order Thursday directing the Treasury Department to create a new website, TrumpIRA.gov, to help workers who lack employer-provided retirement plans compare private-sector options and, where eligible, claim the upcoming Saver’s Match, two White House officials told Semafor.

What the order does: The order tasks Treasury with launching the site by January, when the Saver’s Match — a 2022 law that will match retirement-plan contributions for workers earning under $35,000, up to $1,000 — takes effect. Workers will be able to filter and compare private retirement plans by cost, minimum contribution and minimum balance so they can enroll in plans that allow them to receive the federal match.

Why officials chose this approach

Administration officials said the structure aims to give private-sector workers access to a broader, higher-return mix of investments similar to the government’s Thrift Savings Plan (TSP). By contrast, a government-run IRA like former President Barack Obama’s myRA would likely have been limited to Treasury bonds, which typically deliver lower returns.

Treasury will vet the plans listed on the site but will not form institution-specific partnerships as it did with the recently created Trump Accounts. The new website also will respect state policies — it is not expected to override states that require automatic enrollment in state-run IRAs where employers do not offer plans.

Further steps and outreach

The executive order directs Treasury to publicize the Saver’s Match and to issue guidance for private donors interested in contributing to workers’ IRAs. Officials say there is already interest from private donors, likening the concept to early seeding commitments made for Trump Accounts.

In addition, Treasury and the National Economic Council (NEC) have been asked to draft legislative recommendations to expand the concept further. Potential ideas include automatic enrollment of workers who lack plans and expanding eligibility for the Saver’s Match — changes that would require additional funding and congressional approval.

“It’s our belief that between these two things, and existing programs, that we’re going to be creating — forget about a political party, just a generation of Americans who have skin in the game,” NEC Director Kevin Hassett said at a Spark Institute event. “I believe that in the end, when we look back at the policy legacy of this administration, these will be two of the most transformative policies.”

According to the Economic Innovation Group, roughly 54 million full- and part-time workers currently lack access to an employer-provided retirement plan. Some 27 million workers who would qualify for the Saver’s Match do not have access to a plan through which they could receive the government match.

The Congressional Budget Office found in 2019 that workers tend to contribute more to the TSP when employers offer matching contributions — a rationale the administration cites for promoting broader access to matching or match-eligible plans.

Bottom line: The executive order aims to close a coverage gap by giving non-covered workers tools to find private plans that allow them to claim a federal Saver’s Match; it also launches a process for potential legislative expansion, while stopping short of creating a government-run private-sector IRA.