{"id":4368,"date":"2026-07-27T23:14:05","date_gmt":"2026-07-27T23:14:05","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=4368"},"modified":"2026-07-27T23:14:05","modified_gmt":"2026-07-27T23:14:05","slug":"bank-of-america-chipotle-dell-and-uber-are-chipping-in-on-trump-accounts-for-their-workers-kids-but-most-companies-are-sitting-it-out","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=4368","title":{"rendered":"Bank of America, Chipotle, Dell, and Uber are chipping in on Trump Accounts for their workers\u2019 kids\u2014but most companies are sitting it out"},"content":{"rendered":"<div>\n<p>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\u2019ll make Trump Account contributions for their employees, according to an\u00a0independent tracker\u00a0affiliated with the education site Saving for College.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=4366\">OpenAI\u2019s first hardware device debuted at $230. Now, it\u2019s on eBay for $1,850<\/a><\/p>\n<p>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\u00a0savings accounts\u00a0are available to any US citizen under the age of 18, and take the form of individual retirement accounts once they reach that age.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>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.<\/p>\n<p>One important question has already been addressed by the Department of Labor, which in June said that employer contributions to Trump Accounts\u00a0won\u2019t be subject\u00a0to the Employee Retirement Income Security Act of 1974 (ERISA). That means that employers offering them won\u2019t be subject to fiduciary responsibility requirements as they are for retirement plans, for example.<\/p>\n<p>While this guidance was helpful, Dorian Smith, a leader with Mercer\u2019s law and policy practice, said, \u201cI don\u2019t believe it\u2019s going to move the needle at all\u201d for employers who are undivided about contributing to Trump Accounts. As of April, two-thirds of employers surveyed by the consulting firm said they didn\u2019t plan to implement employer or employee contributions for Trump Accounts, while 4% said they did plan to do so.<\/p>\n<p>Employers are still waiting on \u201coperational guidance that tells them exactly how to implement employer contributions to Trump accounts,\u201d Smith said, starting with the question, \u201cwhere do we send the money to?\u201d<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=4364\">LeBron James joins California\u2019s billionaire exodus, but he may not escape the wealth tax<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Bank of New York Mellon (BNY) is the designated trustee for contributions made through the pilot program seeding accounts for children born between Jan. 1, 2025 and Dec. 31, 2028 with $1,000. But once that money is deposited into a BNY account, an individual can roll it over to a different trustee, Smith explained. It\u2019s unlikely, he said, that employers will want to deal with various financial institutions when making contributions, so the hope is that guidance will offer some mechanism for streamlining that process.<\/p>\n<p>The same question remains for employers that don\u2019t intend to make contributions to Trump accounts themselves, but want to allow workers to deduct a pre-tax contribution from their income (known as a \u201ccafeteria plan\u201d). \u201cWhere do we send that money to? I\u2019ve withheld it from the employee\u2019s pay, but now I need to forward it somewhere,\u201d he said.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>Companies are also waiting on additional guidance about\u00a0non-discrimination rules\u00a0that will apply to Trump Accounts, Smith said. Such tests seek to ensure that highly compensated employees don\u2019t disproportionately benefit from plans such as 401(k)s.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>In a speech in Georgia on July 22, President Donald Trump called these accounts the \u201cmost consequential\u201d provision of the One Big Beautiful Bill Act. But whether they prove consequential to the average employee benefits package depends on a number of factors, including whether lawmakers elect to extend the pilot program, and to what extent HR leaders can make room for contributions in their budgets.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<p>\u201cEveryone\u2019s going to have a different list of priorities,\u201d Matt Taylor, CEO of Guardian HR, an HR consulting and employment law firm, told us. He ticked off a number of common line items on benefits budgets, including healthcare, retirement account contributions, and other types of dependent care support, like\u00a0flexible spending accounts.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=4362\">A VC says he declined to join the Trump family\u2019s crypto venture after cofounder Steve Witkoff couldn\u2019t pronounce \u2018memecoin\u2019<\/a><\/p>\n<p>\u201cWhere does the Trump Account land on that? We don\u2019t know that yet.\u201d<\/p>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>More than 6.5 million families have signed up for Trump Accounts since the July 4 launch.<\/p>\n","protected":false},"author":1,"featured_media":4367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-4368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-donald-trump"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank of America, Chipotle, Dell, and Uber are chipping in on Trump Accounts for their workers\u2019 kids\u2014but most companies are sitting it out - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=4368\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of America, Chipotle, Dell, and Uber are chipping in on Trump Accounts for their workers\u2019 kids\u2014but most companies are sitting it out - 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