Bisignano family fund expands child savings contributions in Brooklyn

Traders Union
All News
Business & Wealth
Bisignano expands child savings in Brooklyn

Highlights

Frank J. Bisignano donates $250 per child aged two to eight in Brooklyn's 11234 zip code, funding Trump Accounts for early wealth building.
Treasury Department establishes Trump Accounts for all U.S. children with Social Security numbers, bringing the active total to nearly 70 million accounts in 2024.
Children born between Jan. 1, 2025, and Dec. 31, 2028, are eligible for a $1,000 seed contribution from the U.S. Treasury to their Trump Account.

Brooklyn donation targets children in 11234

As reported by IRS, citing the Internal Revenue Service, Frank J. Bisignano is providing a $250 contribution through The Bisignano Family Fund for every child aged two to eight living in zip code 11234 in Brooklyn, New York.

Bisignano, a native of Brooklyn's Old Mill Basin neighborhood, says the donation is meant to support children in Marine Park, Mill Basin, Bergen Beach and Flatlands by giving them an early start in personal wealth building. The funds are already placed in each child's Trump Account and invested in a fund that tracks the performance of leading U.S. companies.

Bisignano is a former public company chief executive officer and currently serves as the 18th Commissioner of the Social Security Administration, chief executive officer of the Internal Revenue Service, and executive-in-charge of Trump Accounts. The announcement notes that zip code 11234 ranks in the top 1% of U.S. zip codes by population.

Federal savings push widens account participation

Trump Accounts are described as investment accounts designed to grow with the U.S. economy and build long-term savings for children. This month, the Treasury Department creates Trump Accounts for all eligible children in the United States with valid Social Security numbers.

There are nearly 70 million total Trump Accounts, and more than 27 million currently hold contributions totaling nearly $9 billion from families, friends, donors and the U.S. government. Parents and legal guardians still need to activate a child's account for it to receive additional contributions from family members, friends and employers.

Children born between Jan. 1, 2025, and Dec. 31, 2028, are eligible for a $1,000 seed contribution from the U.S. Treasury. Bisignano says he hopes the Brooklyn donation encourages similar community-based contributions in other parts of the country.

In our earlier coverage of the Philippine Social Security System (SSS) equity portfolio, we outlined how the state pension fund defended its investment approach after attention focused on unrealized losses. SSS emphasized that long-term, diversified holdings have generated substantial realized gains and steady dividend income over decades, and that paper losses only become actual losses if assets are sold below cost.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.