Treasury must build a retirement-savings website for workers without plans

The Secretary of the Treasury must establish and operate TrumpIRA.gov. The website must focus on independent contractors, self-employed people, and other workers without employer-sponsored retirement plans. It must list IRAs from institutions that accept the Federal Saver’s Match and meet the order’s standards. Listed IRAs must offer certain diversified, retirement-date, balanced, or principal-protection investment options. Listed IRAs must have net expenses of no more than 0.15 percent and cannot require a minimum contribution or account balance. The website must explain the opportunity for an eligible person to receive up to a $1,000 Federal Saver’s Match under existing law. Treasury must establish the website by January 1, 2027.

Treasury must help qualifying contributors receive the Federal Saver’s Match, and Treasury and Labor must issue appropriate rules, exemptions, or guidance to protect workers. The match applies to people who contribute to qualifying IRAs and meet all requirements under existing law. Protections apply to IRAs maintained by financial institutions, including institutions listed on TrumpIRA.gov. All actions must be consistent with applicable law. Treasury must encourage financial institutions to accept the match under rules set by the Secretary. Worker-protection measures must promote transparency and prevent prohibited transactions, meaning certain improper dealings involving retirement accounts.

Treasury must prepare legislative recommendations for a retirement option for workers without employer plans. The recommendations must address low fees, matching contributions, diversified investment choices, automatic portfolio choices, and portability for small-business, part-time, independent, and self-employed workers. The recommendations require consultation with the Assistant to the President for Economic Policy. This direction proposes future legislation rather than creating these additional features immediately.