More Trump Account Guidance at OMB

The Office of Management and Budget (OMB) received two rulemaking items for review from the Department of Treasury and Internal Revenue Service (IRS). The first is a proposed rule titled Trump accounts under section 530A. According to the abstract for the rule, the proposed regulations are expected to provide guidance on Trump accounts and Trump account contribution programs under IRC Sections 530A and 128, addressing account requirements, contribution and distribution treatment, trustee reporting obligations, and coordination with IRC Section 408 requirements. The second item for review is an interim final rule titled Trump Accounts. Proposed rules governing eligible investments for Trump accounts and employer contributions and associated nondiscrimination testing requirements were issued by the Department of Treasury and IRS last month after completion of OMB review.