President Donald Trump will sign an executive order aimed at making it easier for small businesses to group together to provide their workers with retirement plans.
The White House says Trump will direct the Labor and Treasury departments to issue regulations to help businesses join together to offer Association Retirement Plans. Administration officials say high costs discourage employers from offering plans like 401(k)s at a time when surveys show workers worry about being able to live comfortably in retirement.
One way to open the door to more retirement plans is to make it easier for companies to form "multiple employer plans," which are now limited to businesses that are in the same industry or share other characteristics, according to Bloomberg News. Changing that requirement could allow more firms to band together to offer retirement programs.
Trump is expected to deliver remarks and sign the directive at an event Friday at the Harris Conference Center in Charlotte, North Carolina.
Trump will also headline a fundraiser for Republican congressional candidates Mark Harris and Rep. Ted Budd while he is in town.