“We’re looking at it very seriously. It has worked out very well, it’s a good plan.”
It is not clear how the US would adopt superannuation alongisde its longstanding 401K pension fund system, where workers make voluntary payments into a retirement account or request their employer to make them.
But it is also not the first time Australian superannuation has been mentioned in Washington this year.
Trump’s praise of superannuation today was made alongside tech billionaires Michael and Susan Dell, the couple who made the massive “Trump Accounts” donation.
Michael Dell, the founder of $US91 billion tech company Dell, said their donation would provide $US250 for every child aged under 11 who qualified for the program.
Under the scheme, the US Department of the Treasury will deposit $US1000 into investment accounts it sets up for American children born between January 1, 2025, and December 31, 2028.
The Dells’ gift will use the “Trump Accounts” infrastructure to give $250 to each qualified child under 11.
“Trump Accounts” are available to any American child under 18 with a Social Security number.
Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, to buy a home or to start a business.
– Reported with Associated Press
