Bisignano Adds Trump Account Expansion to SSA, IRS Leadership Roles

The Department of the Treasury announced today that Social Security Administration Commissioner Frank Bisignano will lead the “next phase” of the Trump Accounts program.

According to the announcement, Bisignano—also CEO of the Internal Revenue Service in an unusual double role—will “support the program’s implementation and continued growth,” although it is unclear what his role will entail.

When officially launching the accounts on July 6, President Donald Trump once again expressed interest in modelling a retirement plan after Australia’s employer-funded, privately run system. The Australian system, based on superannuation funds, holds more than $3 trillion in assets. The compulsory system forces companies to contribute 12% of workers’ wages into professionally managed retirement funds.

Though the program has done well at accumulating retirement assets, experts say it would be difficult for the U.S. to emulate the system and that it would not be an easy replacement for Social Security, which is funded by both employees and employers paying 6.2% of each employee’s wages.

According to the most recent Social Security Trust Funds report, the main trust fund holds enough money to pay full benefits to retirees and other beneficiaries until 2032, two years sooner than the 2034 figure projected in 2024. If no changes are made, benefits would need to be reduced by 19%.

The issue came up briefly in Bisignano’s last congressional testimony before the House Committee on Ways and Means’ Joint Social Security and Work and Welfare Subcommittee in June, but he and Republicans emphasized that Congress held responsibility of the fund’s solvency.

For that matter, Senator Ted Cruz, R-Texas, a critic of the Social Security system, praised Trump’s comments on the Australian system in a July 8 social media post, claiming that Cruz was “authoring legislation to ensure every American—from bartenders to gig workers—has the opportunity to build wealth, own a piece of the American Dream and share in our nation’s prosperity.”

Trump Accounts, also known as 530A accounts, were established by the 2025 tax bill and launched on July 4. According to Treasury, more than 6.5 million families have already opened Trump Accounts.

These accounts allow families to open a tax-deferred savings account for each child under 18, with annual contributions capped at $5,000. Withdrawals from Trump Accounts are prohibited until the child turns 18, after which any funds taken out before age 59.5 typically incur income taxes and a 10% penalty. Exceptions apply for qualified expenses, such as higher education costs.