Trump expands workers' access to retirement plans. When will this begin?

President Donald Trump is launching a new website, TrumpIRA.gov, to provide workers with access to “high-quality, low-cost” Individual Retirement Accounts (IRAs), according to his administration.

He signed an executive order on Thursday, April 30, to expand access to retirement savings for workers whose employers do not offer 401(k)-type plans. Workers will be able to use the website to enroll in private-sector retirement plans, Trump said.

“Beginning at the start of next year, every American will be able to go to TrumpIRA.gov and open a new low-cost IRA account,” Trump said in a signing ceremony at the White House.

“You’ll then be able to access the same type of retirement accounts that federal employees enjoy,” he said.

White House officials said the new accounts are similar to the Thrift Savings Plan already offered to federal employees.

Trump’s order coincides with the coming launch of the Saver’s Match, a 2022 initiative of the Biden administration that delivers up to $1,000 a year in matching retirement contributions for lower-income workers.

When will TrumpIRA.gov be available?

The executive order calls for TrumpIRA.gov to be operational by January 1, 2027.

The site will focus on independent contractors, self-employed workers, and others without access to employer-sponsored retirement plans, the order said. It will allow users to filter and compare IRAs offered by private-sector financial institutions based on cost, quality, and investment options.

The executive order also directs the Secretary of the Treasury to ensure that eligible workers who contribute to qualifying IRAs receive the federal Saver’s Match.

Currently, TrumpIRA.gov brings users to a page that states, “This site can’t be reached.”

Daniel de Visé of USA TODAY contributed to this report.

This article originally appeared on Cape Cod Times: Trump to launch new website providing eligible workers with access to IRAs