Big Companies Heed President Trump's Call to Support 'Trump Accounts' for Employees
In a move that's being hailed as a major step towards making life more affordable for Americans, big companies are jumping on board with President Trump's 'Trump Accounts' initiative. Bank of America and JPMorgan Chase have pledged to make a matching $1,000 contribution to their employees who open a Trump Account, a retirement savings plan announced by the White House last year.What are Trump Accounts?
The program calls for the federal government to start each tax-preferred Trump Account for eligible kids with $1,000, which would be invested in the stock market on their behalf. To qualify for the accounts, children must be born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.
Why are big companies supporting Trump Accounts?
According to Jamie Dimon, CEO of JPMorgan Chase, 'JPMorganChase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world.' By matching this contribution, they're making it easier for employees to start saving early, invest wisely, and plan for their family's financial future.
What does this mean for employees?
Bank of America will also match the government's $1,000 contribution for eligible employees. The company will also allow workers to make pre-tax contributions to their children's Trump Account, giving them more control over their financial future.
The support from big companies like Bank of America and JPMorgan Chase is a significant boost to President Trump's 'Trump Accounts' initiative. By making it easier for employees to save and invest in their children's futures, these companies are helping to make life more affordable for Americans.
