Billionaire Bill Ackman Champions Trump’s Push for Universal 401(k) Access Amid Retirement Crisis

Bill Ackman, billionaire CEO of Pershing Square Capital Management, has publicly endorsed President Trump’s recent executive order promoting universal access to retirement savings plans. Speaking with CNBC’s Sara Eisen, Ackman called out a stark reality: 54 million hardworking Americans currently have no IRA or 401(k)-style savings account, leaving them vulnerable in old age.

The executive order, signed last week, established TrumpIRA.gov and introduced programs like the Saver’s Match and Trump Accounts, designed to make retirement savings more accessible for gig workers, part-time employees, and others traditionally left out of employer-sponsored plans.

Ackman bluntly explained the problem: “If you only make money when you’re working, i.e., an Uber driver, and not getting paid [when not working], you’re going to fall behind.” He argued that a universal 401(k) plan is essential to prevent a fractured workforce where some employees benefit from rising markets while others are left behind.

The idea, Ackman said, originated from businessman Alex von Furstenberg and was pitched directly to President Trump, who embraced it and pushed for a rollout early next year.

Ackman also highlighted Australia’s superannuation system as a model for the U.S. Thirty years ago, Australians had little retirement savings, but their mandatory superannuation program has since surpassed U.S. retirement assets. “Every federal employee has a Thrift Savings Plan; why not for every American?” Ackman asked.

This push aligns with a growing movement among wealthy investors advocating for broader retirement savings access. Brad Gerstner of Altimeter Capital’s Invest America proposes giving every U.S. child $1,000 in a 401(k)-style account at birth, with employer matches. Michael and Susan Dell recently pledged $6.5 billion to fund Trump Accounts for 25 million children in low-income households.

While the Trump administration frames these initiatives as expanding financial inclusion, critics warn that executive orders cannot substitute for comprehensive legislative reform to address systemic retirement insecurity. Still, with tens of millions lacking any savings safety net, the spotlight on universal 401(k) access underscores a pressing national crisis that demands urgent attention.