President Trump signed an executive order (EO), Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov, to expand access to individual retirement accounts (IRAs) and the Federal Saver’s Match for workers without employer-sponsored retirement plans, including part-time, small business, independent contractor, and self-employed workers.
Key Highlights
The EO directs the Secretary of the Treasury to:
- Establish TrumpIRA.gov by January 1, 2027, to connect workers without employer-sponsored plans to private-sector IRAs.
- Allow workers to compare IRAs by cost, quality, and investment options.
- Ensure eligible IRA contributors receive the Federal Saver’s Match.
- Provide up to $1,000 per year to eligible lower- and middle-income workers who contribute to qualifying retirement accounts.
- Issue IRS guidance on the tax treatment of charitable contributions made to IRAs for eligible workers.
- Recommend legislation to make the TrumpIRA.gov framework and federal matching program permanent.
Employer Takeaway
Although the EO focuses on workers without employer-sponsored retirement plans, employers should still watch for follow-up guidance or legislation so they can address employee questions. Organizations with charitable programs or large part-time or contractor workforces should be especially attentive to any changes that could affect their retirement plan responsibilities. Download the bulletin for more details.
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