During his State of the Union address on Feb. 24, President Trump announced a program to help American workers who don’t have access to employer-sponsored retirement savings accounts, such as 401(k) plans. The proposed program would be similar to the Thrift Savings Plan currently offered to federal government employees. Private-sector workers would only need to check a box on their income tax return to enroll. Then, eligible employees would qualify for a match equal to 50% of their contributions, up to $1,000 annually. This proposal piggybacks on provisions of the SECURE 2.0 Act and, according to the White House, requires no further congressional action to become effective.
