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Trump order aims to help more people get retirement savings plans in time for new federal match

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Trump order aims to help more people get retirement savings plans in time for new federal match
News

News

Trump order aims to help more people get retirement savings plans in time for new federal match

2026-05-01 01:49 Last Updated At:01:50

WASHINGTON (AP) — President Donald Trump will sign an executive order on Thursday calling for a new government website where people in the United States can find and compare private-sector retirement savings accounts, aiming to help millions of workers whose employers do not offer such plans.

The order is intended to help more people gain access to retirement plans before next year, when the federal government will start matching retirement contributions made by low- and middle-income workers, according to a White House official who spoke on condition of anonymity to discuss the order before it is formally announced.

That new matching contribution, known as the Saver’s Match, comes from 2022 legislation passed under Democratic President Joe Biden. Starting in January, it will offer a match of up to $1,000 for workers who make less than $35,000 a year.

Trump’s order is meant to help make the match available to roughly 50 million people who do not have retirement plans offered by their employers. The Republican president is directing the Treasury Department to launch TrumpIRA.gov, where workers can compare private-sector retirement plans.

He is not offering a new government retirement plan but helping match workers with existing plans from private companies.

Details of the order were first reported by the news outlet Semafor.

Trump discussed the idea during his State of the Union address in February, when he noted that about half of the people in the country do not have access to employer-provided retirement plans with matching contributions.

“To remedy this gross disparity, I’m announcing that next year my administration will give these often-forgotten American workers — great people, the people that built our country — access to the same type of retirement plan offered to every federal worker,” Trump said.

The Saver’s Match program will offer a maximum match of $1,000 for single filers and $2,000 for married couples who file jointly. It will offer smaller matches for single filers making less than $46,000 a year. It applies to contributions made toward 401(k) plans, IRAs and Roth IRAs.

President Donald Trump speaks to reporters as he meets with NASA's Artemis II astronauts Victor Glover, Christina Koch, Reid Wiseman and Jeremy Hansen in the Oval Office of the White House, Wednesday, April 29, 2026, in Washington. (AP Photo/Matt Rourke)

President Donald Trump speaks to reporters as he meets with NASA's Artemis II astronauts Victor Glover, Christina Koch, Reid Wiseman and Jeremy Hansen in the Oval Office of the White House, Wednesday, April 29, 2026, in Washington. (AP Photo/Matt Rourke)

WASHINGTON (AP) — After weeks of delay, the House voted Thursday to fund much of the Department of Homeland Security, but not its immigration enforcement operations, and send the bipartisan package to President Donald Trump to sign, ending the longest agency shutdown in history.

The White House had warned that temporary funding Trump had tapped to pay Transportation Security Administration and other agency personnel would “soon run out,” and that sparked new threats of airport disruptions.

DHS has been without routine funds since Feb. 14, causing hardship for workers, though much of Trump’s immigration agenda that is central to the dispute is being funded separately.

“It is about damn time,” said Rep. Rosa DeLauro of Connecticut, the top Democrat on the House Appropriations Committee, who proposed the bill more than 70 days ago.

The House swiftly voted by voice, without a formal roll call, to pass the measure.

The House’s narrow Republican majority has repeatedly stalled out under House Speaker Mike Johnson, with his own party tangled in internal disputes on a range of pending issues, including the homeland security funding. While the Senate unanimously approved the bipartisan package a month ago, the bill languished in the House.

Democrats refused to fund U.S. Immigration and Customs Enforcement and the Border Patrol without changes to those operations after the fatal shootings of two U.S. citizens by federal agents during protests against an immigration crackdown in Minneapolis. Republicans would no go along with a plan pushed by Democrats to fund TSA and the other parts of DHS without the money for ICE and Border Patrol.

To break the impasse, Republicans in both the House and Senate decided to tackle the immigration enforcement funding on their own through what is called budget reconciliation, a cumbersome weekslong process ahead.

By beginning that budget process Johnson, R-La., was able to unlock a broader bipartisan bill for TSA agents and the rest of DHS. House Republicans late Wednesday adopted budget resolution on a largely party-line vote, 215-211, that is focused on eventually providing $70 billion for immigration enforcement and deportations for the remainder of Trump’s time in office and ensure Democrats can no longer block funding. Trump's term ends in January 2029.

One key Republican, Rep. Chip Roy of Texas, said isolating the immigration-related money on a separate track is “offensive to the men and women who serve in ICE and Border Patrol, and are serving this country every single day.”

FILE - Sen. Markwayne Mullin, R-Okla., speaks with reporters on the steps at the Capitol in Washington, Thursday, March 5, 2026. (AP Photo/J. Scott Applewhite, File)

FILE - Sen. Markwayne Mullin, R-Okla., speaks with reporters on the steps at the Capitol in Washington, Thursday, March 5, 2026. (AP Photo/J. Scott Applewhite, File)

House Speaker Mike Johnson of La., watches before Britain's King Charles III arrives to speak to a joint meeting of Congress in the House Chamber at the U.S. Capitol, Tuesday, April 28, 2026, in Washington. (AP Photo/Matt Rourke)

House Speaker Mike Johnson of La., watches before Britain's King Charles III arrives to speak to a joint meeting of Congress in the House Chamber at the U.S. Capitol, Tuesday, April 28, 2026, in Washington. (AP Photo/Matt Rourke)

FILE - The Department of Homeland Security logo during a news conference in Washington, Feb. 25, 2015. (AP Photo/Pablo Martinez Monsivais, File)

FILE - The Department of Homeland Security logo during a news conference in Washington, Feb. 25, 2015. (AP Photo/Pablo Martinez Monsivais, File)

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