Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov
Creates "TrumpIRA," a government-facilitated retirement savings program designed to expand access to retirement accounts for workers without employer-sponsored plans.
Section by Section
What each section does, and how they differ.
Establishes that millions of Americans lack access to employer-sponsored retirement plans; policy directs promotion of high-quality, low-cost individual retirement accounts with Federal Saver's Match to provide retirement security similar to Federal employee plans.
Directs Treasury Secretary to establish website by January 1, 2027 listing qualifying IRAs that meet cost and quality criteria, explaining Federal Saver's Match opportunity, and allowing individuals to filter by cost and quality.
Directs Treasury to take necessary steps to ensure qualifying individuals receive Federal Saver's Match contributions and to encourage financial institutions to accept such contributions.
Directs Treasury and IRS to provide guidance on tax treatment of charitable contributions to IRAs maintained by workers.
Directs Treasury and Labor to issue regulations protecting workers in qualifying IRAs, maintaining transparency, and preventing prohibited transactions.
Directs Treasury Secretary to prepare legislative recommendations to codify the policy and ensure workers have access to low-fee retirement options with matching contributions and portability.
Standard severability clause: if a court strikes any provision, the rest of the order stands.
Standard boilerplate: preserves existing agency authority, conditions the order on appropriations, and creates no enforceable private rights.