President Donald Trump pledged in his State of the Union address Tuesday night to expand access to retirement savings for private-sector workers, offering tax-advantaged accounts modelled on the federal Thrift Savings Plan, Bloomberg reported. The initiative targets the 56 million Americans employed in companies that do not provide employer-sponsored retirement plans.

Under the proposed program, workers could receive a government match of up to $1,000 per year. A White House official said the plan would provide index-based investment options and a range of portfolios to help employees build retirement savings, particularly those previously excluded from such benefits.

The plan appears to draw on the 2022 “Secure 2.0” legislation enacted during the Biden administration, which introduced the Savers Match program. The official noted that the Trump administration intends to adjust the program to enhance portability and allow for philanthropic contributions, with additional details expected in future announcements.

Trump described the initiative as a remedy for what he called “the gross disparity” between Americans with access to workplace retirement accounts and those without. The announcement was part of a broader slate of proposals aimed at addressing financial security for everyday Americans ahead of the midterm elections.

Bipartisan support for similar retirement measures has been longstanding. National Economic Council Director Kevin Hassett previously advocated for a TSP-like program for private-sector employees lacking employer-sponsored plans. In 2021, Hassett and economist Teresa Ghilarducci of the New School for Social Research co-authored a Washington Post op-ed calling the Thrift Savings Plan “one of the best-designed savings programs in US history.”