Closing the US retirement coverage gap

Overview

Updated May 31

In January 2027, the federal government will start depositing up to $1,000 a year into the retirement accounts of lower-income workers. There is a problem: roughly 27 million of the workers who qualify do not have an account to put it in.

President Trump's executive order aims to close this gap. About 54 million Americans lack a workplace retirement plan. The Treasury Department will launch TrumpIRA.gov, a clearinghouse pointing workers without a 401(k) toward private individual retirement accounts, and issue guidance for private donors who want to contribute money directly into other workers' retirement accounts.

Why it matters

Starting 2027, Washington will deposit up to $1,000 a year into IRAs for lower-income workers—but most who qualify don't yet have an account.

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Key Indicators

54M

Workers without workplace retirement plan

US workers whose employers offer no 401(k) or similar plan.

27M

Eligible for Saver's Match, no IRA

Workers who would qualify for the federal match but currently have no account to receive it.

$1,000

Maximum annual federal contribution

Saver's Match pays 50% of contributions up to $2,000 per worker, phasing out at moderate incomes.

Jan 2027

Saver's Match effective date

Set by the Secure 2.0 Act of 2022; replaces the older Saver's Credit.

TrumpIRA.gov

New Treasury portal

Federal site to help uncovered workers find and enroll in private-sector IRAs.

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People Involved

Donald Trump

President of the United States

Signed retirement access executive order on April 30, 2026

Scott Bessent

US Treasury Secretary

Tasked with implementing TrumpIRA.gov and Saver's Match guidance

Organizations Involved

U.S. Department of the Treasury

Federal Department

Lead implementing agency for retirement access order and Saver's Match

The cabinet department responsible for federal finance and tax administration, including IRS oversight.

Internal Revenue Service

Federal Agency (Treasury bureau)

Will administer Saver's Match payments starting 2027

The federal tax agency responsible for Saver's Match eligibility, calculation, and disbursement into qualifying retirement accounts.

Timeline

November 2014 April 2026

4 events Latest: April 30th, 2026 · 4 months ago

Tap a bar to jump to that date

April 2026
Trump signs retirement access executive order
Latest Executive Action

Order directs Treasury to launch TrumpIRA.gov to help workers without a 401(k) enroll in private IRAs, publicize the upcoming Saver's Match, and issue guidance for private donor contributions to workers' accounts.
April 30th, 2026
December 2022
Secure 2.0 Act signed into law
Legislation

President Biden signs the bipartisan retirement bill, which creates the Saver's Match to replace the Saver's Credit beginning in 2027.
December 29th, 2022
July 2017
Treasury ends myRA program
Policy

The first Trump administration shuts down myRA, citing low demand and high per-account administration costs.
July 28th, 2017
November 2014
Obama administration launches myRA
Policy

Treasury rolls out a starter retirement account aimed at workers without a 401(k). Uptake stays low; the program enrolls roughly 30,000 savers over its lifetime.
November 10th, 2014

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

August 2006

Pension Protection Act and the rise of auto-enrollment (2006)

Congress passed the Pension Protection Act, which gave employers legal cover to automatically enroll workers in 401(k) plans rather than requiring opt-in. Within a decade, auto-enrollment became the default at large employers, and 401(k) participation rates among eligible workers climbed sharply.

Then

Participation in employer plans rose, especially among younger and lower-paid workers who had previously failed to enroll.

Now

Auto-enrollment is now widely viewed as the single most effective retirement-policy intervention of the modern era—and a benchmark against which voluntary programs are measured.

Why this matters now

The 2006 law worked because it changed the default, not because it created new incentives. The 2026 order relies on workers actively visiting a website and opening an account. Behavioral economics strongly suggests defaults beat portals.

November 2014 – July 2017

myRA program (2014–2017)

The Obama Treasury launched myRA, a no-fee starter retirement account aimed squarely at workers whose employers offered no 401(k). Contributions were invested in a single low-yield government bond fund. After three years and an estimated $70 million in setup and operating costs, only about 30,000 accounts had been opened.

Then

The first Trump administration shut myRA down in 2017, citing low demand and high per-account costs.

Now

The episode hardened a view among retirement-policy experts that voluntary, federally-run starter accounts—without auto-enrollment or matching dollars—struggle to attract workers, even when access barriers are stripped away.

Why this matters now

TrumpIRA.gov targets the same population myRA targeted, but with two key differences: it routes workers to private IRAs rather than a government account, and it arrives paired with an actual federal match starting in 2027. Whether that combination breaks the myRA pattern is the central question.

July 2017 – present

OregonSaves and the state auto-IRA wave (2017–present)

Frustrated by federal inaction, Oregon launched OregonSaves, a state-run program that automatically enrolls workers without employer plans into Roth IRAs funded through payroll deduction. Illinois, California, and more than a dozen other states followed with similar mandates. Combined, state auto-IRA programs now hold billions in contributions across more than a million accounts.

Then

Auto-enrollment with payroll deduction proved decisively more effective than voluntary federal options at moving low-income workers into retirement savings.

Now

The state programs established a working template for closing the coverage gap and built political momentum for a federal counterpart, contributing to provisions in Secure 2.0.

Why this matters now

TrumpIRA.gov is a voluntary federal portal, not an auto-enrollment mandate. The state experience suggests this design choice will limit reach—unless the Saver's Match itself provides enough pull to overcome inertia.