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Treasury Secretary Scott Bessent signaled Tuesday that lawmakers could use the budget reconciliation process to advance a new retirement proposal introduced by President Trump during his State of the Union<\/a> address.<\/p>\n Trump announced that his administration plans to offer Americans who do not have a retirement savings plan<\/a> through their employer, such as a 401(k)<\/a>, access to the same plan offered to federal workers. <\/p>\n \u201cWe will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market,\u201d the president said during his record-long speech<\/a>.<\/p>\n Bessent was asked by NBC\u2019s Kristen Welker following the address about how Trump\u2019s idea would work in practice and whether it needed congressional approval.<\/p>\n \u201cWell, we can do it through reconciliation,\u201d he replied<\/a>. \u201cAnd again, this is the president coming back for working Americans. Those who have been left behind.\u201d<\/p>\n The Treasury chief added that the proposal would be rolled out \u201cin the coming weeks and months,\u201d framing the initiative as a tool to help working Americans \u201cwho have been left behind.\u201d<\/p>\n About half of full-time U.S. private-sector workers, or roughly 40.6 million people, lacked access to any employer-provided retirement plan as of November, according to the bipartisan Economic Innovation Group<\/a>.<\/p>\n \u201cThe president wanted to preview it in his speech, but I think this is going to be a very big part of working Americans\u2019 retirement program, because there is a tremendous amount of financial insecurity,\u201d Bessent said Tuesday.<\/p>\n The retirement savings plan is just one of several proposals the Trump administration has unveiled in recent months as it works to overcome bleak polling numbers<\/a> on the economy ahead of November\u2019s midterm elections.<\/p>\n The president on Tuesday also touted other signature economic policies, including no tax on tips, no tax on overtime and the so-called \u201cTrump accounts<\/a>\u201d for children.<\/p>\n The tax-free \u201cTrump accounts\u201d function as a specialized<\/a> individual retirement savings plan for U.S. citizens under the age of 18, with an automatic contribution of $1,000 from the Treasury Department for those born between Jan. 1, 2025, and Dec. 31, 2028.<\/p>\n