More than 6.5 million families have signed up for Trump Accounts since the savings initiative for American children officially launched on July 4, according to the Treasury Department.
A much smaller number of employers have elected to contribute to these savings accounts on behalf of employees with children enrolled in them. Bank of America, Chipotle, Dell, and Uber are among the 55+ companies that have said they’ll make Trump Account contributions for their employees, according to an independent tracker affiliated with the education site Saving for College.
Under a provision that was included in the One Big Beautiful Bill Act enacted last year, employers can contribute up to $2,500 annually, tax-free, to Trump Accounts. These savings accounts are available to any US citizen under the age of 18, and take the form of individual retirement accounts once they reach that age.
But many employers are waiting for further guidance from the Treasury on how exactly these contributions will work before rolling out employee benefits tied to Trump Accounts, sources told us.
One important question has already been addressed by the Department of Labor, which in June said that employer contributions to Trump Accounts won’t be subject to the Employee Retirement Income Security Act of 1974 (ERISA). That means that employers offering them won’t be subject to fiduciary responsibility requirements as they are for retirement plans, for example.
