President Donald Trump signed an executive order on May 1, 2026, aimed at expanding retirement savings options for millions of American workers who currently lack access to employer-sponsored retirement plans such as 401(k)s. The order establishes a new government-managed retirement account program with the goal of providing benefits similar to those available to federal employees.

Speaking from the Oval Office, Trump emphasized fairness in extending these opportunities. The initiative includes an annual federal matching contribution of up to $1,000 for low-income earners without workplace retirement plans. Eligibility for this match is set for individuals earning less than $35,500 per year or couples with a combined income below $71,000.

Research from Pew indicates that roughly 56 million Americans do not have access to employer-based retirement savings plans. Furthermore, about 27 million workers meet the income criteria for the federal match but are not yet enrolled in a related 2022 program known as Saver’s Match, which offered similar matching contributions.

The U.S. Treasury Department is expected to launch an online application portal, TrumpIRA.gov, in 2027 to facilitate enrollment in the new retirement savings accounts. The program differs from Trump’s previously established tax-advantaged savings accounts for children, known as Trump Accounts, in that it will be fully government-operated and is not planned to involve partnerships with financial institutions.

This move follows the discontinuation of the myRA program, an Obama-era initiative designed to encourage low-income workers to save for retirement, which was eliminated during Trump’s first term in 2017.

The rollout of the new retirement accounts coincides with broader efforts by the Trump administration to highlight economic initiatives ahead of the 2026 midterm elections. The Treasury Department plans to implement a public awareness campaign to promote the program when the application site goes live.