(CNN) — The Trump administration is looking Down Under for inspiration on how to improve the United States’ retirement savings system.

President Donald Trump on Tuesday said at the White House that his administration is looking into an Australian-style retirement program.

“We’re looking at it very seriously,” Trump said. “It’s a good plan. It’s worked out very well.”

Australia’s primary retirement savings program — known as “superannuation” — might have caught the attention of Washington officials.

How superannuation works

Superannuation, or “super” for short, is Australia’s flagship retirement savings program.

Employers are required to fund employees’ savings accounts, which are invested in select funds — known as super funds — that are locked up until retirement. The employer-fund

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