Trump signs executive order expanding workers’ access to retirement plans

By Jeanne Sahadi, CNN

(CNN) — President Donald Trump signed an executive order Thursday that put some meat on the bones of a retirement savings proposal he introduced in his State of the Union address in February.

The proposal is intended to help close the so-called retirement coverage gap, which has left behind more than 50 million mostly low- and moderate-income earners in the private sector. They are the workers who have neither a defined-benefit employer pension nor an easy, subsidized way to save for retirement at work.

He said starting next year, those who don’t have workplace retirement plans will be able to access a Web site – TrumpIRA.gov – where they can open a “new, low-cost IRA account. You’ll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans,” Trump said.

“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” he added.

Trump mentioned that some earners who open an account will qualify for the federal Saver’s Match, which goes into effect next year. That match will be available to low- and moderate-income workers who make less than $35,500 (or $71,000 as a married couple) if they save up to $2,000 a year ($4,000 for couples) in a qualified retirement plan – like a 401(k), IRA or auto IRA. The federal match is worth up to $1,000 ($2,000 for couples).

He also suggested the administration will work with Congress to expand eligibility for that match to those whose income is above those limits and who don’t otherwise have access to a retirement plan.

The text of the executive order was not immediately available for review.

This is a developing story and will be updated.

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