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Trump announces public retirement plan with federal match up to $1,000 at State of the Union
The proposal targets roughly 50 to 56 million private-sector workers without employer plans and offers a $1,000 annual federal match to help build retirement savings.
- On Tuesday during his State of the Union address, President Donald Trump announced a plan to expand retirement accounts for workers without employer-sponsored plans.
- Against a backdrop of concern, data show roughly 50 million Americans lack employer-sponsored retirement plans, with around 56 million private-sector workers affected, according to AARP.
- Modeled after the Thrift Savings Plan, the proposal would let individuals opt in by checking a box on tax returns and use the Savers Match under SECURE 2.0 Act to provide a $1,000 annual federal match for eligible low-income workers.
- Watchdog groups noted that Congress may face increased scrutiny over stock trading, as lawmakers push for tighter restrictions alongside Trump's linking of retirement plans to ethics reforms.
- White House officials note the plan builds on the SECURE 2.0 Act and Savers Match set for next year and follows last year’s One Big Beautiful Bill Act, which created 'Trump accounts' for children.
60 Articles
60 Articles
President Donald Trump’s proposal would seek to give up to $1,000 a year to workers without plans 401(k) to help in retirement savings
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