Bank of America, JPMorgan Chase to contribute $1,000 to Trump Accounts for their employees
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Bank of America and JPMorgan Chase are pledging 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 for children born during President Trump's second term in office. Edited by Alain Sherter In:
Bank of America and JPMorgan Chase are pledging 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 for children born during President Trump's second term in office.
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.
"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, including more than 190,000 here in the United States," CEO Jamie Dimon said in a statement on Wednesday. "By matching this contribution, we're making it easier for them to start saving early, invest wisely and plan for their family's financial future."
Bank of America also said that it will 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.
"We applaud that the federal government is providing innovative solutions for employees and families to plan for their future, and we welcome the opportunity to participate," Bank of America said.
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