The Trump Account was presented as a new way for American families to build long-term wealth for children. Now, employers considering the benefit face a more detailed set of rules. The Internal Revenue Service and the Treasury Department have proposed regulations setting out how businesses can contribute to Trump Accounts for employees or their dependants.
The proposals cover more than the amount employers can contribute. They also establish requirements for written plans, employee notices, account verification, payroll reporting, and nondiscrimination. For companies hoping to introduce the benefit quickly, the new rules could bring more administrative work than expected.
