Trump Signs Executive Order Establishing TrumpIRA.gov to Expand Retirement Access

President Donald Trump signed a landmark executive order on Thursday designed to expand retirement savings access for more than 50 million American workers currently lacking employer-sponsored plans. The order establishes a new federal platform, TrumpIRA.gov, which is scheduled to become operational on January 1, 2027.

The initiative targets the "retirement coverage gap" that primarily affects low- to moderate-income earners, including employees of small businesses, independent contractors, and part-time workers. During the signing event, the President compared the new program to the Thrift Savings Plan (TSP) enjoyed by federal employees, promising a "revolutionary" shift for those in the private sector.

A key feature of the executive order is a strict cap on administrative costs. IRA providers listed on the new portal must maintain an annual expense ratio of no more than 0.15%. Additionally, these providers are prohibited from requiring minimum account balances or contributions, removing traditional barriers for first-time savers.

The administration also highlighted the upcoming federal Saver’s Match, a program set to take effect next year. Eligible workers earning less than $35,500 (or $71,000 for married couples) can receive a 50% federal match on their first $2,000 of annual savings, resulting in up to a $1,000 direct deposit into their retirement accounts.

Kim Olson, senior officer at the Pew Charitable Trusts, noted that 87% of workers currently without access to a plan indicated they would be significantly more likely to save if a federal match were provided. Further supporting the initiative's potential, a recent Morningstar analysis estimated that a federalized retirement savings push could add nearly $1 trillion to the U.S. retirement system over time.

While the current order focuses on voluntary participation, the administration indicated it would work with Congress to codify these policies and explore expanding eligibility for matching contributions in the future.

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