Trump Signs Executive Order on Expanding Access to Retirement Accounts

On April 30, President Donald Trump signed an Executive Order titled “Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov” which would require the Department of Treasury to establish a website to provide individuals with access. These accounts would be focused on providing access to independent contractors, self-employed individuals, and other workers who do not have access to an employer-sponsored retirement plan. In addition, eligible investors would be entitled to a Federal Saver’s Match contribution of up to $1,000. The Department of Treasury is also tasked with developing legislative text in order to begin the process of codifying the Executive Order. The deadline set forth by the Executive Order requires Treasury to establish the website and accounts by January 1, 2027.

Lawmakers on the tax writing committees have discussed the prospective of a SECURE Act 3.0, however, competing priorities on Capitol Hill have delayed the rollout of additional retirement legislation.

Click here to read the Trump Administration’s Executive Order.

Click here to read a fact sheet detailing the provisions of the Executive Order.