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A Sacramento employer is offering $250 million in deposits to savings accounts for eligible children in the county.
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Micron Technology, which has an engineering and office facility in Folsom, will provide eligible children under 18 in Sacramento County with a one-time $250 deposit to a 530A Trump Account.
The offer also applies to other places where the semiconductor and data storage company has offices, including New York, Virginia, Colorado, Minnesota, Texas and Idaho, where the company is based. The $250 million is expected to support up to one million children nationwide.
“At Micron, we believe investing in people is as important as investing in technology,” said Sanjay Mehrotra, Micron chairman, present and chief executive officer, in a news release.
The company’s release said the money is part of an effort to help families build long-term financial security as Micron invests in semiconductor manufacturing and workforce development. Micron stated it anticipates the investment will benefit one million children.
Here’s what to know:
What are Trump Accounts?
Trump Accounts are tax-advantaged investment accounts for children.
The White House called them “a game-changing tool designed to help every American child build savings and a stronger financial future.”
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On Wednesday, Oct. 7, the White House announced that 70 million accounts have been created with the completion of automatic enrollment.
Every child under 18 with a Social Security number has an account in their name, but parents or guardians must claim the account on an app to receive a one-time deposit of $1,000.
“Family and friends can contribute up to $5,000 per year; employers can contribute up to $2,500 per year, subject to the overall $5,000 annual contribution limit, and children can qualify for philanthropic contributions that are automatically deposited into their accounts,” the White House said.
Dell Technologies CEO Michael Dell and his wife, Susan Dell, donated $6.25 billion to support the accounts, Invest American reported.
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