President Donald Trump’s April 30 Executive Order establishing TrumpIRA.gov and expanding access to retirement savings has quickly drawn a largely supportive reaction across the retirement industry, with trade groups, asset managers, and policy organizations coalescing around the need to close the coverage gap for millions of Americans without access to workplace retirement plans.
What follows is a roundup of 12 statements received by 401(k) Specialist to date (in alphabetical order), highlighting both optimism about the potential to expand access—particularly through alignment with the Saver’s Match—and caution about execution, standardization, and the need for legislative follow-through.
American Council of Life Insurers (ACLI)
“Too many people lack access to employer-sponsored retirement plans, and this executive order takes meaningful steps to close that gap. By launching TrumpIRA.gov and leveraging the Saver’s Match program, the administration is creating a real opportunity for millions of workers to build greater financial security. Individual retirement savings plans have proven their ability to change outcomes for working Americans for more than 50 years. We look forward to working with the Treasury Department and policymakers to help more Americans save for retirement.” – ACLI President and CEO David Chavern
American Retirement Association (ARA)
“ARA has long supported efforts to expand retirement plan coverage and increase savings, particularly for workers who have historically been left behind. We strongly support automatic enrollment of uncovered workers and expansion of the Saver’s Match and appreciate the Administration’s leadership on these important issues. We stand ready to work with policymakers to ensure that any new initiatives are designed to complement the existing system, preserve choice, and provide fair and meaningful incentives for all savers.” – Brian Graff, CEO of the American Retirement Association
Economic Innovation Group (EIG)
“EIG applauds the president’s efforts to improve the financial security of the 54 million American workers that lack access to employer-sponsored retirement benefits. This executive order is an important first step in addressing the fundamental flaw in the U.S. retirement system, which has left too many workers behind. We now urge Congress to enact legislation codifying key elements of the order and expanding upon it with features like automatic enrollment of eligible workers and expanded access to matching benefits. To that end, EIG strongly supports the bipartisan, bicameral Retirement Savings for Americans Act, which provides an ideal starting point for congressional action.” – John Lettieri, President and CEO of the Economic Innovation Group
Empower
“Too many Americans are left without a simple, accessible way to save for retirement. By helping connect workers to vetted retirement savings vehicles and aligning with the Saver’s Match, this initiative can help bring millions into the system and put them on a stronger path toward long-term financial security.” – Empower President and CEO Edmund F. Murphy III
Investment Company Institute (ICI)
“The voluntary retirement system is a clear success of smart government policy meeting the strength and innovation of the private sector. Tax incentives and bipartisan reforms have helped turn investing into a habit for millions, channeling over $30 trillion into Americans’ futures. This model works. We welcome the administration’s focus on expanding retirement saving. The Administration wants to build—let’s work together to build on the foundation already in place to deliver more savings for more American families.” – ICI Chief of Staff and Strategic Communications Officer Erica Richardson
Insured Retirement Institute
“IRI welcomes President Trump’s executive order aimed at expanding access to retirement savings opportunities for millions of American workers, especially those who currently lack access to an employer-provided plan.
“We appreciate the Administration’s decision to expand opportunities to save for retirement without creating a new government-run program. Instead, this approach builds on the existing private-sector retirement system.”
IRI’s Wayne Chopus
“This action is a positive step toward helping those least likely to save gain access to the tools they need to start building retirement financial security. We are particularly encouraged by the Administration’s effort to connect this expanded access to the Saver’s Match established under SECURE 2.0—a provision strongly supported by IRI—to help eligible workers take advantage of a matching contribution from the government.
“We appreciate the Administration’s decision to expand opportunities to save for retirement without creating a new government-run program. Instead, this approach builds on the existing private-sector retirement system, consistent with IRI’s recommendations in our letter to the President following his State of the Union address. It is a practical solution that can bring more workers into the retirement system, and we look forward to learning more about how it will be implemented.
“At the same time, IRI has recommended to the Administration that this initiative expand access to protected, guaranteed lifetime income solutions, such as annuities. These solutions are essential to helping workers and retirees address the real risk of outliving their savings by providing a sustainable stream of income throughout retirement.” – Wayne Chopus, IRI President and CEO
National Association of Insurance and Financial Advisors (NAIFA)
“Expanding access to retirement savings opportunities through both employer-sponsored plans and individual savings solutions is critical to addressing Americans’ growing concerns about their long-term financial futures. NAIFA looks forward to learning more about the administration’s proposed retirement savings initiative and working with policymakers to strengthen awareness, understanding, and use of the retirement plans and financial tools already available to workers and families.” – NAIFA President Christopher L. Gandy
NAGDCA
“The nation’s state-facilitated auto IRAs, now represented by NAGDCA, applaud President Trump’s announcement of the TrumpIRA.gov website. According to 2025 research from the Pew Charitable Trusts, more than half a billion Americans lack access to an employer-sponsored retirement plan through their employer. As stated in the Pew report, ‘For many Americans, retirement savings plans are a critical pathway to building wealth. The vast majority of the nation’s $20.8 trillion in retirement savings was accumulated through employer-sponsored retirement plans, such as 401(k)s. But not all Americans have equal access to workplace savings programs: Nearly half of the private sector workforce—some 56 million workers nationwide—don’t get retirement benefits through their jobs.’
“As the Pew research makes clear, the need for access to qualified retirement savings vehicles is tremendous. Every effort to address this need is very welcome. Expanding access to qualified retirement savings vehicles for those workers currently without one is essential for their financial well-being, and the nation’s.” – NAGDCA Executive Director Matt Petersen
“I have spent my career arguing that America’s retirement system fails working people. I did not expect a Trump executive order. And yet—the underlying move is exactly right. Getting 56 million workers into an account with a real federal match is the largest potential expansion of retirement coverage since Social Security.” – Teresa Ghilarducci, Director of the Wealth Equity Center at The New School for Social Research
Ghilarducci co-authored the 2021 research with Kevin Hassett—now President Trump’s chief economic adviser—that first proposed this model. She warns, however, that the executive order alone is insufficient. To be permanent and reach all the workers who need it most, she added that Congress must pass the Retirement Savings for Americans Act (RSAA), bipartisan legislation already before both chambers. And critically: Social Security and Medicare must be fully funded and expanded. Without shoring up Social Security, no retirement reform is truly adequate.
She notes the RSAA would provide a larger federal match than the executive order, extend coverage to gig and part-time workers, and make the accounts permanent. “The executive order opens the door,” Ghilarducci said. “The RSAA builds the house. Social Security and Medicare are the foundation. You need all three.”
The Pew Charitable Trusts
“I commend the administration for bringing attention to this issue. Expanding access to retirement savings would be a huge benefit to the 56 million American workers who can’t currently save for the future in a 401(k) or a similar account. When the Saver’s Match comes online next year, it will immediately be available to people who live in the 17 states that have already put an automated savings program in place for workers who don’t have an employer plan. Our research indicates that the matching funds from the federal government will attract even more participation in those programs—and encourage even more states to follow suit.
“Giving more people a chance to build wealth through retirement savings will help workers save for a more comfortable and secure future. But it’s also good for the economy overall, and good for state budgets. People with retirement accounts are less likely to rely on state support later in life, and that’s good for them and for the taxpayers.” – John Scott, director of the retirement savings initiative at The Pew Charitable Trusts
Society for Human Resource Management (SHRM)
“SHRM encourages Congress to build on this effort to ensure that all workers have access to retirement savings options…”
SHRM’s Johnny C. Taylor, Jr.
“Retirement security is widely understood to be a cornerstone of long-term financial stability for workers and families, which is why access to retirement savings remains such a critical priority for employers, HR leaders, and policymakers alike. SHRM’s research consistently shows that retirement savings and planning benefits rank among the most valued workplace offerings, second only to health care.
“Too often, however, workers are excluded from retirement savings opportunities, not because of a lack of interest, but because of barriers to access, including fragmented information, limited portability, and public policy constraints that can make participation more difficult. The Administration’s recent Executive Order reflects an opportunity to begin conversations to address these barriers. SHRM encourages Congress to build on this effort to ensure that all workers have access to retirement savings options and stands ready to serve as a resource in advancing practical, balanced solutions that support workers and workplaces.” – SHRM President and CEO Johnny C. Taylor, Jr.
TIAA
“We’re encouraged by the Administration’s continued focus on improving America’s retirement system, especially by expanding access for the nearly 59 million Americans who currently lack a workplace retirement plan—representing roughly half of all working Americans. These are ideas closely aligned with TIAA’s Retirement Bill of Rights, and we welcome policy momentum that keeps retirement security a bipartisan priority.
“Research consistently shows that automatic enrollment, employer matching contributions, and the convenience of payroll deduction dramatically increase participation rates and contribution levels. Without these structural supports, individuals face meaningful barriers to building long-term financial security. A proposal that helps bridge the gap between those with and without employer-sponsored plans is a meaningful step forward.
“We are closely monitoring developments as details of the Executive Order emerge, and we look forward to continuing to work with the administration and other key stakeholders to ensure that any new vehicle effectively addresses retirement savings and access gaps for working Americans.” – Chris Spence, Head of Federal Government Relations & Public Policy, TIAA
• READ THE EXECUTIVE ORDER HERE
• READ THE FACT SHEET HERE
SEE ALSO:
• Trump Executive Order Seeks to Bring Retirement Savings to Millions
• Trump Signing Executive Order Creating ‘TrumpIRA.gov’