VIDEO: Trump unveils retirement plan with up to $1K federal match

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From Fox Business: President Donald Trump on Tuesday outlined a new retirement plan that would see the federal government match a portion of the contributions made by American workers to retirement plans that aren’t matched by their employers.

Trump discussed the proposal during his State of the Union address to a joint session of Congress on Tuesday night, when he said that the federal government will start providing up to $1,000 in matching contributions to the retirement plans of workers whose employers aren’t providing a match.

“Since I took office, the typical 401(k) balance is up by at least $30,000. That’s a lot of money,” Trump said. “We have millions and millions of people, because the stock market has done so well, setting all those records – your 401(k)s are way up. Yet half of all working Americans still do not have access to a retirement plan with matching contributions from an employer.”

“To remedy this gross disparity, I’m announcing that next year, my administration will give these often forgotten American workers – great people, the people that built our country – access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market,” the president said.


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