Comment from Sap Labs, LLC
Sap Labs, LLCOtherIndividual
Summary: The commenter is asking technical and procedural questions regarding the implementation of Trump Accounts, specifically concerning account IDs, payroll deduction processes, and bank routing. They are seeking clarification on how employers will manage contributions and notifications for multiple dependents.
Please consider these questions for the upcoming Public Hearing:
1.Are employees required to obtain a dependent/beneficiary Trump Account ID—issued after submitting Form 4547 (Trump Account Election[s])—before the employee, their employer or others can begin making contributions?
2.Will the process involve sending payroll deductions to Bank of New York Mellon, with a bank routing number per dependent, and a Trump Account number assigned to each dependent/beneficiary for fund transfers?
3.Should the Benefits and Payroll solution be expected to provide separate deductions for each dependent assigned to a unique Bank of New York Mellon account or as a single deduction per employee, with percentage allocations for each eligible dependent (with BNY Mellon distributing contributions to the appropriate accounts)?
4.Seeking specific file format Bank of NY Mellon details to enable employers to send the employee payroll deductions/employer contributions to them.
5.Will the Bank of NY Mellon notify the employer to stop payroll deductions and the employee when the annual limit has been met per year?