Micron Technology NASDAQ:MU said Tuesday it will invest $250 million to support savings accounts for children and families through the Trump Accounts program, also known as 530A Accounts, according to a Tuesday press release.
As part of the initiative, Micron Technology NASDAQ:MU will match employee contributions of up to $1,000 per child under age 18. The chipmaker also plans to provide a one-time $250 deposit for eligible children with Trump Accounts in communities where it operates, including Idaho, New York, Virginia, California, Colorado, Minnesota and Texas. The company said the program could benefit as many as one million children.
The accounts invest in eligible low-fee U.S. index funds and were established under the current U.S. administration. Treasury Secretary Scott Bessent said the program is expected to broaden long-term savings opportunities for participating families.
Micron Technology NASDAQ:MU said the initiative is separate from its previously disclosed plan to invest more than $200 billion in U.S. memory manufacturing and research. The company added that it continues to fund STEM education, semiconductor workforce development, apprenticeships, and partnerships with schools and universities across the United States.