President Donald Trump on April 30 signed an executive order directing the Treasury Department to establish a new website, TrumpIRA.gov, by Jan. 1, 2027, to help workers find low-cost individual retirement accounts.
The order, published May 5 in the Federal Register, focuses on workers who lack access to employer-sponsored retirement plans. The Executive Office of the President said tens of millions of Americans, including small business employees, independent contractors, part-time workers and self-employed people, face unnecessary barriers to saving for retirement.
The website will list private-sector financial institutions that offer IRAs meeting specific criteria. To be listed, accounts must maintain overall net-expense ratios, including operating costs and management fees, at or below 0.15%. They also cannot impose minimum-contribution or balance requirements.
According to the order, TrumpIRA.gov will allow individuals to filter and select IRAs based on cost and quality. It will feature investment options such as life-cycle funds, balanced funds, or funds designed to protect principal.
The initiative also aims to make the public more aware of the federal Saver’s Match, which was created by the SECURE 2.0 Act. The match provides eligible individuals who contribute to qualifying IRAs up to $1,000.
The order directs the Treasury secretary to take necessary steps to ensure eligible individuals who open listed IRAs receive the match, and to encourage financial institutions to accept the matching contributions.
Under the order, the Treasury and Labor departments must issue guidance to protect workers, maintain transparency and prevent prohibited transactions. The Treasury and the Internal Revenue Service will also provide guidance on how taxes apply when tax-exempt groups put money into eligible workers’ IRAs.
Additionally, the Treasury secretary is directed to prepare legislative recommendations to codify the policy, in consultation with the assistant to the president for economic policy.