Executive Order Issued to Promote Retirement Savings Access

President Trump has issued an Executive Order that will establish a marketplace website for private-sector IRAs to provide a solution for workers without access to an employer-sponsored retirement plan. The order directs Treasury to launch TrumpIRA.gov by January 1, 2027, highlighting IRA providers that accept Saver's Match contributions, provide investment options including life-cycle or target date funds, balanced funds, and funds maintaining principal, with low fees (overall net-expense ratios limited to .15 percent) and no minimum contribution requirement. 

The order also directs Treasury to take all necessary steps to ensure workers who contribute to a qualifying IRA actually receive any applicable Saver's Match deposit and ensure that financial institutions can accept and process the Saver's Match. In addition, the order also directs Treasury and the Internal Revenue Service to issue guidance clarifying when and how philanthropic funding of IRAs can be made to a charitable class without jeopardizing the organizations' tax-exempt status. 

The order is pursuant to remarks the President made during the State of the Union Address in February.