On April 30, the White House released an executive order directing Treasury to establish, by January 1, 2027, “TrumpIRA.gov,” a government website to provide workers who lack access to employer-sponsored retirement plans — including small-business employees, part-time workers, independent contractors, and self-employed individuals — with information about “high-quality, low-cost” individual retirement accounts (IRAs) offered by financial institutions. The order directs TrumpIRA.gov to list financial institutions offering IRAs that meet specific criteria: (i) providing a range of investment options, such as life-cycle or target-date funds, balanced funds, or principal-protection funds; (ii) maintaining overall net-expense ratios (inclusive of operating costs, management fees, and administrative expenses) at or below 0.15 percent; and (iii) imposing no minimum-contribution or balance requirements. The website must also allow individuals to filter and select IRAs based on cost and quality.

The executive order further directs Treasury to take steps to ensure qualifying IRA contributors receive the Federal Saver’s Match contribution of up to $1,000, as enacted under the SECURE 2.0 Act, and to encourage financial institutions to accept these matching contributions. It also calls on Treasury and the Department of Labor to issue regulations or guidance aimed at protecting workers, ensuring transparency, and preventing prohibited transactions in IRAs maintained by financial institutions, including those listed on TrumpIRA.gov. Additionally, the order instructs Treasury to develop legislative recommendations to codify the order’s policy objectives, with the goal of expanding access for workers without employer-sponsored retirement plans to retirement options with low fees, diversified index-based investments, automatic portfolio choices, and portability.