President Donald Trump signed an executive order Thursday to create a new kind of retirement account, expanding access to retirement plans for workers who aren’t offered one through their employers.
Trump first mentioned this plan in February during his State of the Union address. Under the plan, these new retirement accounts will utilize the so-called “Saver’s Match,” 2022 legislation that mandates the federal government match retirement plan contributions up to $1,000 for workers who make less than $35,000 per year. The Saver’s Match will go into effect in tax year 2027.
This post originally appeared at U.S. News & World Report.