Empower announced today that it plans to serve as a rollover custodian for Trump Accounts, and will reveal more details regarding the structure and timing of the program once federal regulators provide additional guidance.
The Denver-based recordkeeper said in a press release today that its planned support for Trump Account rollovers is intended to help individuals consolidate savings, simplify account management and align their accounts with long-term goals. Trump Accounts are a recently established savings vehicle created through federal legislation to promote earlier participation in long-term saving and broaden access to tax-advantaged account structures.
“As new savings vehicles emerge, we believe it’s important to provide individuals with flexibility and continuity so they can manage their financial lives with confidence and clarity.”
Empower President & CEO Edmund F. Murphy III
“Trump Accounts represent one of the most significant expansions of early-life financial access in a generation and can allow millions of more Americans to benefit from investing,” said Empower President and CEO Edmund F. Murphy III. “This new standard for financial inclusion has the potential to produce a financially engaged cohort of young adults, with approximately 74 million children currently under the age of 18.”
Today’s release noted that federal regulators are actively working on the regulatory framework for these accounts. In late 2025, the Internal Revenue Service and U.S. Treasury issued preliminary implementation guidance and followed up with formal proposed regulations on March 6, clarifying certain topics including the initial $1,000 pilot program contribution for children born between 2025-2028 and the establishment of accounts at the Treasury. Additional regulations covering topics related to contributions, distributions, investment parameters, reporting, and rollovers are forthcoming.
Trump Accounts reflect a continuation of policy efforts, spanning multiple decades, aimed at encouraging personal savings by supplementing traditional retirement arrangements and encouraging long-term asset accumulation from an earlier age.
“One of the greatest engines for wealth creation in history is the American equity market, but for too long, the entry ramp has been too steep. We’re flattening that ramp,” Murphy said via a post on LinkedIn today.
“As new savings vehicles emerge, we believe it’s important to provide individuals with flexibility and continuity so they can manage their financial lives with confidence and clarity,” Murphy added in today’s press release.
On Feb. 2, Empower announced it would match the Treasury Department’s $1,000 Trump Account deposit for eligible Empower associates, underscoring the company’s belief in early engagement and long-term investing in financial well-being.
SEE ALSO:
• Trump Accounts Take Shape with New Treasury, IRS Guidance Today
• Trump Accounts Website Goes Live
• Trump Accounts Not Subject to ERISA: Industry Wants Certainty
• Treasury, IRS Release Guidance on ‘Trump Accounts’