Trump set to sign order expanding retirement access for uncovered workers

Read more: Trump’s new Federal workforce rule raises risk of targeted layoffs

Unlike the administration’s Trump Accounts initiative for children, which involved partnerships with specific financial institutions, Treasury will not work with named partners for the new retirement portal. The department will, however, screen the plans made available through the site, according to reporting that came first from Semafor, which cited two White House officials.

The scale of the coverage gap the order is aimed at addressing is substantial. A 2025 Pew Charitable Trusts report, also cited by AARP, found that roughly 56 million private-sector workers have no retirement plan available through their employer — representing close to half of the U.S. workforce in that segment.

Trump first raised the retirement access issue during his State of the Union address in February, where he said his administration would give workers “access to the same type of retirement plan offered to every federal worker” and pledged to “match your contribution with up to $1,000 each year.” Treasury Secretary Scott Bessent said at the time the plan could advance through the budget reconciliation process, framing it as the president “coming back for working Americans.”

Last year, he signed a separate order to open 401(k) plans to alternative assets such as private equity, real estate, and cryptocurrency, directing the Department of Labor to revisit federal guidance that has historically limited plan administrators from offering private market exposure. That order also called on Treasury and the Securities and Exchange Commission to clarify how fiduciary rules apply to funds holding such assets.