What we know about the new retirement savings plan Trump proposed
CNN • • general
Key Points:
- President Trump announced plans to help private-sector workers without employer-sponsored retirement plans save for retirement by offering access to a federal-style retirement plan with up to $1,000 in matching contributions annually, starting next year.
- The administration’s proposal aims to close the retirement coverage gap affecting millions of low- and moderate-income workers, potentially using existing administrative authorities without requiring new legislation, though future laws could enhance the plan.
- The $1,000 match Trump mentioned corresponds to the Saver’s Match passed in 2022, which provides federal matching contributions for eligible low- and moderate-income workers saving in qualified retirement accounts starting next year.
- The proposed plan would resemble the federal Thrift Savings Plan, offering diversified, low-cost investment options in a universal,
