,,ii #aagth ,,congress #ast ,session ,s4 #bhgj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bh1 #bjba,mr4 ,warner introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to create portable retirement and investment accounts for all ,americans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,portable ,retirement and ,investment ,account ,act of #bjba or the ,,pria ,act of #bjba4 #b4 ,portable ,retirement and ,investment ,board 7a7 ,establishment ,there is established a ,portable ,retirement and ,investment ,board 7referred to in this ,act as the ,board7 to be headed by a ,director 7referred to in this ,act as the ,director74 7b7 ,membership 7#a7 ,in general ,the ,board shall consist of-- 7,a7 #c members appointed by the ,secretary of the ,treasury2 7,b7 #c members appointed by the ,secretary of ,labor2 7,c7 #b members appointed by the ,pension ,benefit ,guaranty ,corporation2 and 7,d7 #a member appointed by the ,director of the ,bureau of ,consumer ,financial ,protection4 7#b7 ,deadline for appointment ,the appointments described under paragraph 7#a7 shall be made not later than #a year after the date of the enactment of this ,act4 7#c7 ,limitation ,in making appointments under paragraph 7#a71 the officials making such appointments shall coordinate to ensure that not more than #e members of the same political party may serve on the ,board at the same time4 7#d7 ,terms of office ,each member of the ,board shall hold office for a term of #e years and shall continue in office until such member's successor is appointed in the same manner as the original appointment was made4 ,the terms of office of the members of the ,board first taking office after the date of the enactment of this ,act shall expire as follows3 #a at the end of #a year1 #b at the end of #b years1 #b at the end of #c years1 #b at the end of #d years1 and #b at the end of #e years4 7#e7 ,vacancies ,each member of the ,board shall continue in office until a successor is appointed in the same manner as the original appointment was made4 ,any vacancy on the ,board shall be filled in the same manner as the initial appointment was made1 and members of the ,board appointed to fill vacancies shall be appointed for the remainder of such term4 7c7 ,director 7#a7 ,in general ,the ,director shall be selected by the ,president from among the members of the ,board4 7#b7 ,authority to issue regulations ,the ,director is authorized to issue such regulations or other guidance as the ,director determines are necessary to carry out the purposes of this ,act4 #c4 ,contracts to provide portable retirement and investment accounts 7a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,director shall establish a program under which-- 7#a7 the ,director shall invest the assets in each ,,pria ,basic ,account established under section #d in a lifecycle fund described in subsection 7c72 and 7#b7 the ,director shall group ,,pria ,basic ,accounts so established into classes based on the year the beneficiary of each such account will attain age #fe4 ,once a class of ,,pria ,basic ,accounts contains1 in the aggregate1 enough assets so that the establishment of a dedicated target date fund for such class would be cost effective1 the ,director shall award 7on a rotating basis7 to an entity certified under subsection 7b7 a contract to act as trustee of all such accounts and to invest such accounts in a lifecycle fund provided by the trustee as described in subsection 7c74 7b7 ,certification of trustees ,the ,director may not award a contract to an entity under subsection 7a7 unless the ,director has certified such entity under this subsection4 ,the ,director shall establish certification criteria which shall include the following3 7#a7 ,expertise1 including the professional qualifications1 business model1 experience1 and training of the trustee and any service providers that the trustee intends to use4 7#b7 ,registration1 licensing1 and financial soundness demonstrating that participant funds would be handled by a regulated financial entity4 7#c7 ,reputation and customer service1 including records of comments or complaints from employers and participants1 timely consideration and resolution of complaints filed1 and independent rating or accreditations4 7c7 ,lifecycle fund ,a lifecycle fund described in this subsection is a fund that-- 7#a7 is comprised of an appropriate mix of index funds2 7#b7 is automatically adjusted over time during the time horizon of the fund2 7#c7 strikes a balance between expected risk and return over the time horizon of the fund2 and 7#d7 has an initial target retirement date that is consistent with retirement at age #fe4 7d7 ,fiduciary responsibility ,a trustee of a portable retirement and investment account shall act as a fiduciary to the account holder and shall discharge his duties with respect to the account in the sole interest of the account holder under rules similar to those applicable to an ,,erisa fiduciary under section #djd of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #aajd74 7e7 ,contracts 7#a7 ,number of contracts awarded1 etc ,the ,director shall enter into contracts with #aj entities at any given time to provide services under subsection 7a71 and shall not award a contract to any entity which has an existing contract under such subsection4 ,each such contract shall have a duration of #e years4 7#b7 ,consideration ,in awarding contracts to entities under subsection 7a71 the ,director shall consider-- 7,a7 the specific composition of the lifecycle funds provided by such trustee2 7,b7 the services to account holders offered by such trustee1 including available investment advice2 7,c7 the fees charged by such trustee2 and 7,d7 the importance of maintaining a diversity of trustees4 #d4 ,establishment2 contributions 7a7 ,establishment 7#a7 ,portable ,retirement and ,investment ,account ,fund ,there is established in the ,treasury the ,portable ,retirement and ,investment ,account ,fund 7in this ,act referred to as the ,fund74 ,the ,board shall1 to the greatest extent practicable and consistent with the requirements of this ,act1 manage the ,fund in the same manner as the ,thrift ,savings ,fund established under section #hdcg of title #e1 ,united ,states ,code4 7#b7 ,accounts ,for each individual for whom a notification is made under clause 7iv7 of section #bje7;c77#b77;,b7 of the ,social ,security ,act 7#db ,u4,s4,c4 #dje7;c77#b77;,b771 as added by paragraph 7#c71 or whose name is included on the list submitted under paragraph 7#d71 not later than #ij days after such notification or submission1 the ,director shall establish1 with such individual as the sole beneficiary1 a portable retirement and investment account 7in this ,act referred to as a ,,pria ,basic ,account7 within the ,fund4 7#c7 ,notification of issuance of social security account number 7,a7 ,in general ,section #bje7;c77#b77;,b7 of the ,social ,security ,act 7#db ,u4,s4,c4 #dje7;c77#b77;,b77 is amended by adding at the end the following3 7iv7 ,not later than #fj days after assigning a social security account number to an individual1 the ,commissioner of ,social ,security shall notify the ,director of the ,portable ,retirement and ,investment ,account ,board of such assignment4 4 7,b7 ,effective date ,the amendment made by subparagraph 7,a7 shall apply with respect to social security account numbers assigned after a certain date1 to be designated by the ,director1 occurring not later than #c years after the date of the enactment of this ,act4 7#d7 ,transition ,not later than the date designated pursuant to paragraph 7#c77;,b71 occurring not later than #c years after the date of the enactment of this ,act1 the ,commissioner of ,social ,security shall submit to the ,director a list of the name of each living individual who has been assigned a social security account number4 7b7 ,federal contributions 7#a7 ,in general ,in the case of an individual for whom a notification is made under clause 7iv7 of section #bje7;c77#b77;,b7 of the ,social ,security ,act 7#db ,u4,s4,c4 #dje7;c77#b77;,b771 as added by subsection 7a77#c71 who is a child of a taxpayer who received a credit against tax under section #cb of the ,internal ,revenue ,code of #aihf for the most recent taxable year ending before the date of the notification under such subsection1 the ,director shall deposit into the portable retirement and investment account 7without regard to whether such account is a ,,pria ,basic ,account or a ,,pria ,choice ,account described in subsection 7f77 of the individual an amount determined under paragraph 7#b74 7#b7 ,amount ,subject to paragraph 7#c71 the amount determined under this paragraph is-- 7,a7 in the case of a taxpayer eligible for the maximum credit applicable to such individual under section #cb of the ,internal ,revenue ,code of #aihf1 the applicable contribution amount2 and 7,b7 in any other case1 a lower amount to be determined under regulations issued by the ,secretary of the ,treasury to reflect a proportional reduction of such amount as the credit under such section decreases4 7#c7 ,applicable contribution amount 7,a7 ,in general ,for purposes of this subsection1 the term applicable contribution amount means #ejj4 7,b7 ,inflation adjustment ,in the case of any taxable year beginning in a calendar year after #bjba1 the dollar amount in subparagraph 7,a7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 of the ,internal ,revenue ,code of #aihf for the calendar year in which the taxable year begins1 by substituting calendar year #bjbj for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 ,any increase determined under the preceding sentence shall be rounded to the nearest multiple of #aj4 7#d7 ,contribution for transfer ,if a beneficiary of a ,,pria ,basic ,account 7or1 in the case of a beneficiary who is under #ah years of age1 the parent or guardian of the beneficiary7 makes the election under subsection 7f71 the ,director shall provide for a #ej deposit if the beneficiary completes a financial literacy training1 as determined appropriate by the ,director4 7c7 ,personal contributions 7#a7 ,in general ,except in the case of an individual who is an active participant 7as defined in section #bai7;g77#e7 of the ,internal ,revenue ,code of #aihf7 for any part of a plan year ending with or within the calendar year1 the beneficiary of a ,,pria ,basic or ,,pria ,choice ,account may contribute additional funds for deposit into such account during the calendar year4 7#b7 ,direct deposit ,any employer who permits wages to be paid to an employee described in paragraph 7#e7 by electronic funds transfer shall permit such employee to elect to deposit1 by means of electronic funds transfer1 a portion of such wages specified by the employee into the employee's portable retirement and investment account4 7#c7 ,automatic contribution arrangement ,any employer may provide that an employee described in paragraph 7#e7 is treated as having elected to have the employer make contributions in an amount equal to a uniform percentage of compensation disclosed in advance to the employee until the employee specifically elects not to have such contributions made 7or specifically elects to have such contributions made at a different percentage74 ,such uniform percentage of compensation may automatically increase according to a schedule provided by the employer4 7#d7 ,supersedure ,paragraph 7#c7 shall supersede any law of any ,state 7within the meaning of section #ead7;c77#a7 of title #bi7 which would directly or indirectly prohibit an employer from adopting an arrangement described in paragraph 7#c74 ,the ,director may prescribe regulations which would establish minimum standards that such an arrangement would be required to satisfy in order for this paragraph to apply in the case of such arrangement4 7#e7 ,employee described ,an employee described in this paragraph is an individual-- 7,a7 whose employer does not maintain a qualified retirement plan 7as defined in section #digd7;c7 of the ,internal ,revenue ,code of #aihf72 7,b7 whose employment consists of work 7whether or not as an employee7 through mobile platforms2 or 7,c7 who is not eligible to participate in the qualified retirement plan 7as so defined7 of the employee's employer4 7#f7 ,contribution limit ,the aggregate amount of contributions under this subsection for any taxable year to the individual's ,,pria ,basis or ,,pria ,choice ,account shall not exceed the amount allowable under section #bai7;b7 of the ,internal ,revenue ,code of #aihf with respect to the individual for the taxable year4 7d7 ,employer and mobile platform duties and responsibilities 7#a7 ,contributions ,the employer of a beneficiary of a ,,pria ,basic or ,,pria ,choice ,account may at any time contribute additional funds for deposit into such account1 to the extent the total of such contributions under this subsection and subsection 7c7 does not exceed the limitation in effect with respect to the individual under subsection 7c77#f7 for the taxable year4 7#b7 ,maintenance of direct deposit mechanism ,any employer that does not maintain a qualified retirement plan 7as defined in section #digd7;c7 of the ,internal ,revenue ,code of #aihf7 or maintains such a plan eligibility for which is restricted to only certain employees shall provide a mechanism for the direct deposit of funds as described in subsection 7c77#b7 for each employee of the employer4 7#c7 ,mobile platforms ,any mobile platform through which individuals perform work and receive compensation 7whether or not as an employee7 shall provide a mechanism for the direct deposit of funds1 by means of electronic funds transfer1 identified by the individual into the individual's portable retirement and investment account4 7e7 ,reporting requirements for employers making contributions ,in the case of any employer that makes contributions to a ,,pria ,basic or ,,pria ,choice ,account on behalf of the employer's employees1 rules similar to the rules applicable to simple retirement accounts under section #b7;h7 of the ,employee ,retirement and ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja7;h77 shall apply4 7f7 ,transfer option 7#a7 ,in general ,a beneficiary of a ,,pria ,basic ,account 7or1 in the case of a beneficiary who is under #ah years of age1 the parent or guardian of the beneficiary7 may elect at any time to transfer the entire amount in such portable retirement and investment account to any ,,pria ,choice ,account 7as defined in section #bbc;,a of the ,internal ,revenue ,code of #aihf7 with such beneficiary as the sole beneficiary4 ,such account shall be held by a custodial entity such as a bank1 credit union1 trust company or an entity that is licensed and regulated by the ,secretary pursuant to requirements consistent with section #a4djh-b;e of title #bf1 ,code of ,federal ,regulations4 ,investments in such accounts are not subject to the limitation to lifecycle funds described in section #c4 7#b7 ,notifications 7,a7 ,statements ,the ,director shall ensure that account statements are delivered to the beneficiary of a portable retirement and investment account by electronic delivery to the extent practicable4 7,b7 ,notice of transfer option ,when the amount in a portable retirement and investment account first exceeds #ae1jjj and when the beneficiary of the account attains the age of #ah1 the ,director shall notify the beneficiary of the account of the option under paragraph 7#c7 to transfer the entire amount in such account to an individual retirement account4 7#c7 ,,ira rollover ,a beneficiary of a ,,pria ,basic or a ,,pria ,choice ,account 7or1 in the case of a beneficiary who is under #ah years of age1 the parent or guardian of the beneficiary7 may elect at any time to transfer the entire amount in such account to an individual retirement account 7as defined in section #djh of the ,internal ,revenue ,code of #aihf7 with such beneficiary as the sole beneficiary4 ,for purposes of such ,code1 such a rollover shall be treated as described in section #djh7;d77#c7 of such ,code4 #e4 ,optional treatment of contributions as ,roth contributions 7a7 ,in general ,the ,fund 7or custodial entity in the case of a ,,pria ,choice ,account7 shall allow an individual to designate all or a portion of any contributions otherwise allowed to be made to a ,,pria ,basic or ,,pria ,choice ,account as ,roth contributions4 ,any contribution so designated shall be treated as a contribution to a ,,pria ,basic or ,,pria ,choice ,account1 as the case may be1 for purposes of this ,act and the ,internal ,revenue ,code of #aihf1 except that no deduction shall be allowed with respect to any such contribution4 7b7 ,separate accounting ,the ,fund 7or such custodial entity7 shall provide for separate accounts for amounts designated as ,roth contributions under subsection 7a7 and earnings attributable thereto4 7c7 ,designation limit ,the amount of contributions which an individual may designate under subsection 7a7 shall not exceed the excess 7if any7 of-- 7#a7 the maximum amount of contributions allowed for such individual for the taxable year under section #d7;c77#f72 over 7#b7 the aggregate amount of contributions of the individual for the taxable year which the individual does not designate under subsection 7a74 7d7 ,roth ,,ira rules applicable ,except to the extent otherwise provided in this section1 rules similar to the rules of section #djh;,a of the ,internal ,revenue ,code of #aihf shall apply with respect to amounts designated under subsection 7a7 7and the earnings attributable thereto74 #f4 ,data portal 7a7 ,in general ,the ,director shall establish a standardized portal for the ,fund 7or each custodial entity in the case of ,,pria ,choice ,account71 and any plan administrator 7as defined in section #dad7;g7 of the ,internal ,revenue ,code of #aihf7 of a plan to which section #fjeh of the ,internal ,revenue ,code of #aihf applies1 to submit the reports required under subsection 7b71 the back end of which is developed and standardized to ensure ease of data upload by plan sponsors4 7b7 ,reports required ,each such plan administrator1 and the ,fund or each such custodial entity in the case of a ,,pria ,basic or ,,pria ,choice ,account1 shall report on a quarterly basis to the ,director1 by uploading such report to the portal established under subsection 7a74 ,each such report shall include-- 7#a7 information on the assets held by such account as of market close the day before the last day of the quarter2 7#b7 the balance of the account on the first and last day of the quarter2 7#c7 the gross of contributions1 withdrawals1 transfers1 and realized and unrealized gains and losses 7reported separately by fund7 with respect to the account2 7#d7 expense ratios1 reported separately by fund2 7#e7 the rate of return for the preceding #ab months1 reported both overall and separately by fund2 and 7#f7 the lifetime income stream equivalent of the total benefits accrued 7as defined in section #aje7;a77#b77;,d77i77,,ii7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajbe7;a77#b77;,d77i77,,ii777 in the account as of the last day of the quarter4 7c7 ,failure ,to provide report ,any failure to provide the report pursuant to subsection 7b7 shall be treated by the ,secretary of the ,treasury as a failure to file a return or statement required under section #fjeh of the ,internal ,revenue ,code of #aihf4 7d7 ,regulations ,the ,director may prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section4 7e7 ,appropriations ,there is appropriated to the ,director1 out of any funds in the ,treasury not otherwise appropriated1 such funds as are necessary to carry out the requirements of this section1 including for the development and ongoing hosting costs of the portal established under subsection 7a74 7f7 ,rule of construction ,compliance with the provisions of this section requiring plan sponsors to disclose or share information shall not constitute a violation of the provisions of ,gramm-,leach-,bliley ,act or the ,employee ,retirement ,income ,security ,act of #aigd4 #g4 ,tax treatment of portable retirement and investment accounts 7a7 ,in general ,section #ggja of the ,internal ,revenue ,code of #aihf is amended by redesignating subsection 7p7 as subsection 7q7 and by inserting after subsection 7o7 the following new subsection3 7p7 ,tax treatment of portable retirement and investment accounts ,for purposes of this title-- 7#a7 ,in general ,any portable retirement and investment account shall be treated as an individual retirement plan1 and1 except to the extent provided in section #bbc;,a or the ,portable ,retirement and ,investment ,account ,act of #bjba1 any contribution to1 or distribution from1 such a portable retirement and investment account shall be treated in the same manner as contributions to1 or distributions from1 such a plan4 7#b7 ,treatment of ,roth contributions ,any portable retirement and investment account to which ,roth contributions are made pursuant to section #e of such ,act shall be treated as a ,roth ,,ira with respect to such contributions under rules similar to the rules of paragraph 7#a74 7#c7 ,portable retirement and investment account ,the term portable retirement and investment account means-- 7,a7 a ,,pria ,basic ,account established under section #d of the ,portable ,retirement and ,investment ,account ,act of #bjba1 and 7,b7 a ,,pria ,choice ,account 7as defined in section #bbc;,a7c774 4 7b7 ,other rules relating to ,,pria ,choice ,accounts ,part ,,vii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #bbc the following new section3 #bbc;,a4 ,,pria ,choice ,accounts 7a7 ,deduction allowed 7#a7 ,in general ,there shall be allowed as a deduction for the taxable year an amount equal to the aggregate amount paid in cash during such taxable year to a ,,pria ,choice ,account by the account beneficiary4 7#b7 ,certain rules to apply ,rules similar to section #bai7;d77#b7 7relating to no deduction for rollovers7 shall apply for purposes of this section4 7b7 ,maximum amount of deduction ,the amount allowable as a deduction under subsection 7a7 to any individual for any taxable year shall not exceed the amount allowable under section #bai7;b7 of the ,internal ,revenue ,code of #aihf with respect to the individual for the taxable year4 7c7 ,,pria ,choice ,account 7#a7 ,in general ,for purposes of this title1 the term ,,pria ,choice ,account means a trust created or organized in the ,united ,states for the exclusive benefit of an individual1 but only if the written governing instrument creating the trust meets the following requirements3 7,a7 ,the trustee is a bank 7as defined in section #djh7n7 of the ,internal ,revenue ,code of #aihf7 or such other person who demonstrates to the satisfaction of the ,secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section4 7,b7 ,the amounts in the trust may consist only of-- 7i7 deposits under section #d7;b7 of the ,portable ,retirement and ,investment ,account ,act of #bjba1 7ii7 amounts described in subsection 7a77#a71 7iii7 amounts deposited by an employer of the account beneficiary1 7iv7 interest on amounts in such trust1 and 7v7 proceeds from investment of amounts in such trust4 7,c7 ,except in the case of a rollover contribution described in subsection 7d77#d71 no contribution will be accepted unless it is in cash4 7,d7 ,no contributions in excess of the amount that is twice the dollar amount in effect under subsection 7b77#a77;,a7 will be accepted during a calendar year4 7,e7 ,amounts in the trust will be invested in not more than #ae total funds1 and will be invested in at least #e total broad market1 low-fee funds1 bonds1 or lifecycle funds4 ,the remaining funds may include not more than #e niche funds and not more than #e annuity funds1 but all investments must be made in diversified funds which represent a prudent investment4 7,f7 ,no distribution that would bring the account balance below the amount deposited in such trust under section #d7;b77#a7 of the ,portable ,retirement and ,investment ,account ,act of #bjba is allowed to an account beneficiary who has not attained the age #ei4 7#b7 ,,pria ,choice ,annuities ,rules similar to the rules of section #djh7;b7 shall apply with respect to ,,pria ,choice ,accounts in the case of a taxpayer purchasing an annuity contract or an endowment contract from a life insurance company4 7d7 ,tax treatment of accounts 7#a7 ,in general ,a ,,pria ,choice ,account is exempt from taxation under this subtitle unless such account has ceased to be a ,,pria ,choice ,account4 ,notwithstanding the preceding sentence1 any such account is subject to the taxes imposed by section #eaa 7relating to imposition of tax on unrelated business income of charitable1 etc41 organizations74 7#b7 ,account terminations ,rules similar to the rules of paragraphs 7#b7 and 7#d7 of section #djh7;e7 shall apply to ,,pria ,choice ,accounts1 and subsection 7e77#b7 shall not apply to any amount treated as distributed under such rules4 7e7 ,tax treatment of distributions ,for rules relating to distributions1 see section #ggja7p74 7f7 ,loans treated as distributions ,for purposes of this section-- 7#a7 ,in general ,if during any taxable year a participant or beneficiary receives 7directly or indirectly7 any amount as a loan from a ,,pria ,choice ,account1 such amount shall be treated as having been received by such individual as a distribution from such account4 7#b7 ,exception for certain loans 7,a7 ,general rule ,paragraph 7#a7 shall not apply to any loan to the extent that such loan 7when added to the outstanding balance of all other loans from such account71 does not exceed the lesser of-- 7i7 #ej1jjj1 reduced by the excess 7if any7 of-- 7,i7 the highest outstanding balance of loans from the account during the #a-year period ending on the day before the date on which such loan was made1 over 7,,ii7 the outstanding balance of loans from the plan on the date on which such loan was made1 or 7ii7 the greater of-- 7,i7 one-half of the amount in the account1 or 7,,ii7 #aj1jjj4 7,b7 ,requirement that loan be repayable within #e years 7i7 ,in general ,subparagraph 7,a7 shall not apply to any loan unless such loan1 by its terms1 is required to be repaid within #e years4 7ii7 ,exception for home loans ,clause 7i7 shall not apply to any loan used to acquire any dwelling unit which within a reasonable time is to be used 7determined at the time the loan is made7 as the principal residence of the participant4 7,c7 ,requirement of level amortization ,except as provided in regulations1 this paragraph shall not apply to any loan unless substantially level amortization of such loan 7with payments not less frequently than quarterly7 is required over the term of the loan4 7g7 ,employer deductions 7#a7 ,in general ,for deductions related to employer contributions1 see section #afb4 7#b7 ,nondiscrimination ,under regulations prescribed by the ,secretary1 notwithstanding section #afb1 no deduction shall be allowed for employer contributions to a ,,pria ,choice ,account on behalf of an employee who is a highly compensated employee 7as defined in section #dad7q77 if the employer contributions made on behalf of all employees discriminate in favor of such employees who are highly compensated employees4 7#c7 ,certain controlled groups ,all employees who are treated as employed by a single employer under subsections 7b71 7c71 and 7m7 of section #dad shall be treated as employed by a single employer for purposes of this subsection4 7h7 ,inflation adjustment 7#a7 ,in general ,in the case of any taxable year beginning in a calendar year after #bjba1 the dollar amounts under subsection 7b7 and subsection 7c77#d7 shall be increased by an amount equal to-- 7,a7 such dollar amount1 multiplied by 7,b7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjbj for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 7#b7 ,rounding rules ,if any amount after adjustment under paragraph 7#a7 is not a multiple of #ejj1 such amount shall be rounded to the next lower multiple of #ejj4 7i7 ,portable ,retirement and ,investment ,board ,the ,portable ,retirement and ,investment ,board established under section #b of the ,portable ,retirement and ,investment ,account ,act of #bjba shall deposit any contribution to the ,,pria ,basic ,account of an individual who has made the election under section #d7;f77#a7 of such ,act into the ,,pria ,choice ,account of the individual4 ,such contribution shall be treated as if made directly to such ,,pria ,choice ,account4 4 7c7 ,clerical amendments ,the table of sections for chapter #a is amended by inserting after the item related to section #bbc the following new item3 ,sec4 #bbc;,a4 ,,pria ,choice ,accounts4 4 #h4 ,option to roll over 7a7 ,in general ,any individual who holds an account described in subsection 7c7 may elect to roll over the entire amount in such account into a ,,pria ,choice ,account 7as defined in section #bbc;,a of the ,internal ,revenue ,code of #aihf74 ,such rollover shall be treated as a rollover described in section #bbc;,a7e77#d7 of the ,internal ,revenue ,code of #aihf4 7b7 ,orphaned accounts ,the trustee of any account described in subsection 7c7 the beneficiary of which cannot be located or has ceased to exercise control over the assets of the account may transfer such account to a ,,pria ,basic or ,,pria ,choice ,account in the name of the beneficiary in accordance with regulations issued by the ,secretary of the ,treasury4 ,such a transfer shall be treated as a rollover described in section #bbc;,a7e77#d7 of the ,internal ,revenue ,code of #aihf4 7c7 ,accounts described ,this subsection shall apply to accounts opened or annuity contracts purchased pursuant to the following sections of the ,internal ,revenue ,code of #aihf3 7#a7 ,section #dja7k74 7#b7 ,section #djc7;b74 7#c7 ,section #deg4 7#d7 ,section #dji;,a4 7#e7 ,section #djh4 #i4 ,regulations ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary of the ,treasury1 in coordination with the ,commissioner of ,social ,security1 as determined necessary by the ,secretary1 shall issue regulations to carry out this ,act4