[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5334 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 5334
To create portable retirement and investment accounts for all
Americans, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 22, 2021
Mr. Himes introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To create portable retirement and investment accounts for all
Americans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Portable Retirement and Investment
Account Act of 2021'' or the ``PRIA Act of 2021''.
SEC. 2. PORTABLE RETIREMENT AND INVESTMENT BOARD.
(a) Establishment.--There is established a Portable Retirement and
Investment Board (referred to in this Act as the ``Board'') to be
headed by a Director (referred to in this Act as the ``Director'').
(b) Membership.--
(1) In general.--The Board shall consist of--
(A) 3 members appointed by the Secretary of the
Treasury;
(B) 3 members appointed by the Secretary of Labor;
(C) 2 members appointed by the Pension Benefit
Guaranty Corporation; and
(D) 1 member appointed by the Director of the
Bureau of Consumer Financial Protection.
(2) Deadline for appointment.--The appointments described
under paragraph (1) shall be made not later than 1 year after
the date of the enactment of this Act.
(3) Limitation.--In making appointments under paragraph
(1), the officials making such appointments shall coordinate to
ensure that not more than 5 members of the same political party
may serve on the Board at the same time.
(4) Terms of office.--Each member of the Board shall hold
office for a term of 5 years and shall continue in office until
such member's successor is appointed in the same manner as the
original appointment was made. 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 follows: 1 at the end of
1 year, 2 at the end of 2 years, 2 at the end of 3 years, 2 at
the end of 4 years, and 2 at the end of 5 years.
(5) Vacancies.--Each member of the Board shall continue in
office until a successor is appointed in the same manner as the
original appointment was made. Any vacancy on the Board shall
be filled in the same manner as the initial appointment was
made, and members of the Board appointed to fill vacancies
shall be appointed for the remainder of such term.
(c) Director.--
(1) In general.--The Director shall be selected by the
President from among the members of the Board.
(2) 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 Act.
SEC. 3. CONTRACTS TO PROVIDE PORTABLE RETIREMENT AND INVESTMENT
ACCOUNTS.
(a) In General.--Not later than 1 year after the date of the
enactment of this Act, the Director shall establish a program under
which--
(1) the Director shall invest the assets in each PRIA Basic
Account established under section 4 in a lifecycle fund
described in subsection (c); and
(2) the Director shall group PRIA Basic Accounts so
established into classes based on the year the beneficiary of
each such account will attain age 65.
Once a class of PRIA Basic Accounts contains, in the aggregate, enough
assets so that the establishment of a dedicated target date fund for
such class would be cost effective, the Director shall award (on a
rotating basis) to an entity certified under subsection (b) 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 (c).
(b) Certification of Trustees.--The Director may not award a
contract to an entity under subsection (a) unless the Director has
certified such entity under this subsection. The Director shall
establish certification criteria which shall include the following:
(1) Expertise, including the professional qualifications,
business model, experience, and training of the trustee and any
service providers that the trustee intends to use.
(2) Registration, licensing, and financial soundness
demonstrating that participant funds would be handled by a
regulated financial entity.
(3) Reputation and customer service, including records of
comments or complaints from employers and participants, timely
consideration and resolution of complaints filed, and
independent rating or accreditations.
(c) Lifecycle Fund.--A lifecycle fund described in this subsection
is a fund that--
(1) is comprised of an appropriate mix of index funds;
(2) is automatically adjusted over time during the time
horizon of the fund;
(3) strikes a balance between expected risk and return over
the time horizon of the fund; and
(4) has an initial target retirement date that is
consistent with retirement at age 65.
(d) 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 404 of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1104).
(e) Contracts.--
(1) Number of contracts awarded, etc.--The Director shall
enter into contracts with 10 entities at any given time to
provide services under subsection (a), and shall not award a
contract to any entity which has an existing contract under
such subsection. Each such contract shall have a duration of 5
years.
(2) Consideration.--In awarding contracts to entities under
subsection (a), the Director shall consider--
(A) the specific composition of the lifecycle funds
provided by such trustee;
(B) the services to account holders offered by such
trustee, including available investment advice;
(C) the fees charged by such trustee; and
(D) the importance of maintaining a diversity of
trustees.
SEC. 4. ESTABLISHMENT; CONTRIBUTIONS.
(a) Establishment.--
(1) Portable retirement and investment account fund.--There
is established in the Treasury the Portable Retirement and
Investment Account Fund (in this Act referred to as the
``Fund''). The Board shall, to the greatest extent practicable
and consistent with the requirements of this Act, manage the
Fund in the same manner as the Thrift Savings Fund established
under section 8437 of title 5, United States Code.
(2) Accounts.--For each individual for whom a notification
is made under clause (iv) of section 205(c)(2)(B) of the Social
Security Act (42 U.S.C. 405(c)(2)(B)), as added by paragraph
(3), or whose name is included on the list submitted under
paragraph (4), not later than 90 days after such notification
or submission, the Director shall establish, with such
individual as the sole beneficiary, a portable retirement and
investment account (in this Act referred to as a ``PRIA Basic
Account'') within the Fund.
(3) Notification of issuance of social security account
number.--
(A) In general.--Section 205(c)(2)(B) of the Social
Security Act (42 U.S.C. 405(c)(2)(B)) is amended by
adding at the end the following:
``(iv) Not later than 60 days after assigning a social security
account number to an individual, the Commissioner of Social Security
shall notify the Director of the Portable Retirement and Investment
Account Board of such assignment.''.
(B) Effective date.--The amendment made by
subparagraph (A) shall apply with respect to social
security account numbers assigned after a certain date,
to be designated by the Director, occurring not later
than 3 years after the date of the enactment of this
Act.
(4) Transition.--Not later than the date designated
pursuant to paragraph (3)(B), occurring not later than 3 years
after the date of the enactment of this Act, 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 number.
(b) Federal Contributions.--
(1) In general.--In the case of an individual for whom a
notification is made under clause (iv) of section 205(c)(2)(B)
of the Social Security Act (42 U.S.C. 405(c)(2)(B)), as added
by subsection (a)(3), who is a child of a taxpayer who received
a credit against tax under section 32 of the Internal Revenue
Code of 1986 for the most recent taxable year ending before the
date of the notification under such subsection, the Director
shall deposit into the portable retirement and investment
account (without regard to whether such account is a PRIA Basic
Account or a PRIA Choice Account described in subsection (f))
of the individual an amount determined under paragraph (2).
(2) Amount.--Subject to paragraph (3), the amount
determined under this paragraph is--
(A) in the case of a taxpayer eligible for the
maximum credit applicable to such individual under
section 32 of the Internal Revenue Code of 1986, the
applicable contribution amount; and
(B) in any other case, 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 decreases.
(3) Applicable contribution amount.--
(A) In general.--For purposes of this subsection,
the term ``applicable contribution amount'' means $500.
(B) Inflation adjustment.--In the case of any
taxable year beginning in a calendar year after 2021,
the dollar amount in subparagraph (A) shall be
increased by an amount equal to--
(i) such dollar amount, multiplied by
(ii) the cost-of-living adjustment
determined under section 1(f)(3) of the
Internal Revenue Code of 1986 for the calendar
year in which the taxable year begins, by
substituting ``calendar year 2020'' for
``calendar year 2016'' in subparagraph (A)(ii)
thereof.
Any increase determined under the preceding sentence
shall be rounded to the nearest multiple of $10.
(4) Contribution for transfer.--If a beneficiary of a PRIA
Basic Account (or, in the case of a beneficiary who is under 18
years of age, the parent or guardian of the beneficiary) makes
the election under subsection (f), the Director shall provide
for a $50 deposit if the beneficiary completes a financial
literacy training, as determined appropriate by the Director.
(c) Personal Contributions.--
(1) In general.--Except in the case of an individual who is
an active participant (as defined in section 219(g)(5) of the
Internal Revenue Code of 1986) for any part of a plan year
ending with or within the calendar year, the beneficiary of a
PRIA Basic or PRIA Choice Account may contribute additional
funds for deposit into such account.
(2) Direct deposit.--Any employer who permits wages to be
paid to an employee described in paragraph (5) by electronic
funds transfer shall permit such employee to elect to deposit,
by means of electronic funds transfer, a portion of such wages
specified by the employee into the employee's portable
retirement and investment account.
(3) Automatic contribution arrangement.--Any employer may
provide that an employee described in paragraph (5) 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 (or specifically
elects to have such contributions made at a different
percentage). Such uniform percentage of compensation may
automatically increase according to a schedule provided by the
employer.
(4) Supersedure.--Paragraph (3) shall supersede any law of
any State (within the meaning of section 514(c)(1) of title 29)
which would directly or indirectly prohibit an employer from
adopting an arrangement described in paragraph (3). 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 arrangement.
(5) Employee described.--An employee described in this
paragraph is an individual--
(A) whose employer does not maintain a qualified
retirement plan (as defined in section 4974(c) of the
Internal Revenue Code of 1986);
(B) whose employment consists of work (whether or
not as an employee) through mobile platforms; or
(C) who is not eligible to participate in the
qualified retirement plan (as so defined) of the
employee's employer.
(6) Contribution limit.--
(A) In general.--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 an amount equal to the lesser
of--
(i) the deductible amount in effect for the
taxable year under subsection (b) of section
219 of the Internal Revenue Code of 1986; or
(ii) an amount equal to the compensation
(within the meaning of such section) includible
in the individual's gross income for such
taxable year.
(B) Catch-up contributions for individuals 50 or
older.--In the case of an individual who has attained
the age of 50 before the close of the taxable year, the
amounts described in paragraph (1)(A) and subsection
(c)(4) for such taxable year shall be increased by
$1,000.
(d) Employer and Mobile Platform Duties and Responsibilities.--
(1) 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 account, to the extent
the total of such contributions under this subsection and
subsection (c) does not exceed the limitation in effect with
respect to the individual under subsection (c) for the taxable
year.
(2) Maintenance of direct deposit mechanism.--Any employer
that does not maintain a qualified retirement plan (as defined
in section 4974(c) of the Internal Revenue Code of 1986) 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 (c)(2) for each
employee of the employer.
(3) Mobile platforms.--Any mobile platform through which
individuals perform work and receive compensation (whether or
not as an employee) shall provide a mechanism for the direct
deposit of funds, by means of electronic funds transfer,
identified by the individual into the individual's portable
retirement and investment account.
(e) Reporting Requirements for Employers Making Contributions.--In
the case of any employer that makes contributions to PRIA Basic or PRIA
Choice Account on behalf of the employer's employees, rules similar to
the rules applicable to simple retirement accounts under section 2(h)
of the Employee Retirement and Income Security Act of 1974 (29 U.S.C.
1001(h)) shall apply.
(f) Transfer Option.--
(1) In general.--A beneficiary of a PRIA Basic Account (or,
in the case of a beneficiary who is under 18 years of age, the
parent or guardian of the beneficiary) may elect at any time to
transfer the entire amount in such portable retirement and
investment account to any PRIA Choice Account (as defined in
section 223A of the Internal Revenue Code of 1986) with such
beneficiary as the sole beneficiary. Such account shall be held
by a custodial entity such as a bank, credit union, trust
company or an entity that is licensed and regulated by the
Secretary pursuant to requirements consistent with section
1.408-2e of title 26, Code of Federal Regulations. Investments
in such accounts are not subject to the limitation to lifecycle
funds described in section 3.
(2) Notifications.--
(A) 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 practicable.
(B) Notice of transfer option.--When the amount in
a portable retirement and investment account first
exceeds $15,000 and when the beneficiary of the account
attains the age of 18, the Director shall notify the
beneficiary of the account of the option under
paragraph (3) to transfer the entire amount in such
account to an individual retirement account.
(3) IRA rollover.--A beneficiary of a PRIA Basic or a PRIA
Choice Account (or, in the case of a beneficiary who is under
18 years of age, the parent or guardian of the beneficiary) may
elect at any time to transfer the entire amount in such account
to an individual retirement account (as defined in section 408
of the Internal Revenue Code of 1986) with such beneficiary as
the sole beneficiary. For purposes of such Code, such a
rollover shall be treated as described in section 408(d)(3) of
such Code.
SEC. 5. OPTIONAL TREATMENT OF CONTRIBUTIONS AS ROTH CONTRIBUTIONS.
(a) In General.--The Fund (or custodial entity in the case of PRIA
Choice Account) 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 a Roth contribution. Any contribution so
designated shall be treated as a contribution to a PRIA Basic or PRIA
Choice Account, as the case may be, for purposes of this Act and the
Internal Revenue Code of 1986, except that no deduction shall be
allowed with respect to any such contribution.
(b) Separate Accounting.--The Fund (or such custodial entity) shall
provide for separate accounts for amounts designated as Roth
contributions under subsection (a) and earnings attributable thereto.
(c) Rules Relating to Treatment of Designated Contributions.--
(1) Designation limits.--The amount of contributions which
an individual may designate under subsection (a) shall not
exceed the excess (if any) of--
(A) the maximum amount of contributions allowed for
such individual for the taxable year under section
4(c)(6), over
(B) the aggregate amount of contributions of the
individual for the taxable year which the individual
does not designate under subsection (a).
(2) Roth ira rules applicable.--Except to the extent
otherwise provided in this section, rules similar to the rules
of section 408A of the Internal Revenue Code of 1986 shall
apply with respect to amounts designated under subsection (a)
(and the earnings attributable thereto).
SEC. 6. DATA PORTAL.
(a) In General.--The Director shall establish a standardized portal
for the Fund (or each custodial entity in the case of PRIA Choice
Account), and any plan administrator (as defined in section 414(g) of
the Internal Revenue Code of 1986) of a plan to which section 6058 of
the Internal Revenue Code of 1986 applies, to submit the reports
required under subsection (b), the back end of which is developed and
standardized to ensure ease of data upload by plan sponsors.
(b) Reports Required.--Each such plan administrator, and the Fund
or each such custodial entity in the case of a PRIA Basic or PRIA
Choice Account, shall report on a quarterly basis to the Director, by
uploading such report to the portal established under subsection (a).
Each such report shall include--
(1) information on the assets held by such account as of
market close the day before the last day of the quarter,
(2) the balance of the account on the first and last day of
the quarter,
(3) the gross of contributions, withdrawals, transfers, and
realized and unrealized gains and losses (reported separately
by fund) with respect to the account,
(4) expense ratios, reported separately by fund,
(5) the rate of return for the preceding 12 months,
reported both overall and separately by fund, and
(6) the lifetime income stream equivalent of the total
benefits accrued (as defined in section 105(a)(2)(D)(i)(II) of
the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1025(a)(2)(D)(i)(II))) in the account as of the last day of the
quarter.
(c) Failure To Provide Report.--Any failure to provide the report
pursuant to subsection (b) shall be treated by the Secretary of the
Treasury as a failure to file a return or statement required under
section 6058 of the Internal Revenue Code of 1986.
(d) Regulations.--The Director may prescribe such regulations as
may be necessary or appropriate to carry out the purposes of this
section.
(e) Appropriations.--There is appropriated to the Director, out of
any funds in the Treasury not otherwise appropriated, such funds as are
necessary to carry out the requirements of this section, including for
the development and ongoing hosting costs of the portal established
under subsection (a).
(f) 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 1974.
SEC. 7. TAX TREATMENT OF PORTABLE RETIREMENT AND INVESTMENT ACCOUNTS.
(a) In General.--Section 7701 of the Internal Revenue Code of 1986
is amended by redesignating subsection (p) as subsection (q) and by
inserting after subsection (o) the following new subsection:
``(p) Tax Treatment of Portable Retirement and Investment
Accounts.--For purposes of this title--
``(1) any portable retirement and investment account shall
be treated as an individual retirement plan, and
``(2) except to the extent provided in section 223A or the
Portable Retirement and Investment Account Act of 2021, any
contribution to, or distribution from, a portable retirement
and investment account shall be treated in the same manner as
contributions to, or distributions from, such a plan.
For purposes of this subsection, the term portable retirement and
investment account has the meaning given such term by the Portable
Retirement and Investment Account Act of 2021 and shall include PRIA
Choice Accounts (as defined in section 223A).''.
(b) Other Rules Relating to PRIA Choice Accounts.--Part VII of
subchapter B of chapter 1 of the Internal Revenue Code of 1986 is
amended by inserting after section 223 the following new section:
``SEC. 223A. PRIA CHOICE ACCOUNTS.
``(a) Deduction Allowed.--
``(1) 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 beneficiary.
``(2) Certain rules to apply.--Rules similar to section
219(d)(2) (relating to no deduction for rollovers) shall apply
for purposes of this section.
``(b) Maximum Amount of Deduction.--
``(1) In general.--The amount allowable as a deduction
under subsection (a) to any individual for any taxable year
shall not exceed the lesser of--
``(A) the deductible amount in effect for the
taxable year under section 219(b), or
``(B) an amount equal to the compensation
includible in the individual's gross income for such
taxable year.
``(2) Catch-up contributions for individuals 50 or older.--
In the case of an individual who has attained the age of 50
before the close of the taxable year, the amounts described in
paragraph (1)(A) and subsection (c)(4) for such taxable year
shall be increased by $1,000.
``(c) PRIA Choice Account.--
``(1) In general.--For purposes of this title, the term
`PRIA Choice Account' means a trust created or organized in the
United States for the exclusive benefit of an individual, but
only if the written governing instrument creating the trust
meets the following requirements:
``(A) The trustee is a bank (as defined in section
408(n) of the Internal Revenue Code of 1986) 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 section.
``(B) The amounts in the trust may consist only
of--
``(i) deposits under section 4(b) of the
Portable Retirement and Investment Account Act
of 2021,
``(ii) amounts described in subsection
(a)(1),
``(iii) amounts deposited by an employer of
the account beneficiary,
``(iv) interest on amounts in such trust,
and
``(v) proceeds from investment of amounts
in such trust.
``(C) Except in the case of a rollover contribution
described in subsection (d)(4), no contribution will be
accepted unless it is in cash.
``(D) No contributions in excess of the amount that
is twice the dollar amount in effect under subsection
(b)(1)(A) will be accepted during a calendar year.
``(E) Amounts in the trust will be invested in not
more than 15 total funds, and will be invested in at
least 5 total broad market, low-fee funds, bonds, or
lifecycle funds. The remaining funds may include not
more than 5 niche funds and not more than 5 annuity
funds, but all investments must be made in diversified
funds which represent a prudent investment.
``(F) No distribution that would bring the account
balance below the amount deposited in such trust under
section 4(b)(1) of the Portable Retirement and
Investment Account Act of 2021 is allowed to an account
beneficiary who has not attained the age 59\1/2\.
``(2) PRIA choice annuities.--Rules similar to the rules of
section 408(b) 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 company.
``(d) Tax Treatment of Accounts.--
``(1) In general.--A PRIA Choice Account is exempt from
taxation under this subtitle unless such account has ceased to
be a PRIA Choice Account. Notwithstanding the preceding
sentence, any such account is subject to the taxes imposed by
section 511 (relating to imposition of tax on unrelated
business income of charitable, etc., organizations).
``(2) Account terminations.--Rules similar to the rules of
paragraphs (2) and (4) of section 408(e) shall apply to PRIA
Choice Accounts, and subsection (e)(2) shall not apply to any
amount treated as distributed under such rules.
``(e) Tax Treatment of Distributions.--For rules relating to
distributions, see sections 7701(p) and 408(d) (and section 408A(d) in
the case of a PRIA Choice Account to which qualified Roth contributions
have been made under section 4 of the Portable Retirement and
Investment Account Act of 2021).
``(f) Loans Treated as Distributions.--For purposes of this
section--
``(1) In general.--If during any taxable year a participant
or beneficiary receives (directly or indirectly) any amount as
a loan from a PRIA Choice Account, such amount shall be treated
as having been received by such individual as a distribution
from such account.
``(2) Exception for certain loans.--
``(A) General rule.--Paragraph (1) shall not apply
to any loan to the extent that such loan (when added to
the outstanding balance of all other loans from such
account), does not exceed the lesser of--
``(i) $50,000, reduced by the excess (if
any) of--
``(I) the highest outstanding
balance of loans from the account
during the 1-year period ending on the
day before the date on which such loan
was made, over
``(II) the outstanding balance of
loans from the plan on the date on
which such loan was made, or
``(ii) the greater of--
``(I) one-half of the amount in the
account, or
``(II) $10,000.
``(B) Requirement that loan be repayable within 5
years.--
``(i) In general.--Subparagraph (A) shall
not apply to any loan unless such loan, by its
terms, is required to be repaid within 5 years.
``(ii) Exception for home loans.--Clause
(i) shall not apply to any loan used to acquire
any dwelling unit which within a reasonable
time is to be used (determined at the time the
loan is made) as the principal residence of the
participant.
``(C) Requirement of level amortization.--Except as
provided in regulations, this paragraph shall not apply
to any loan unless substantially level amortization of
such loan (with payments not less frequently than
quarterly) is required over the term of the loan.
``(g) Employer Deductions.--
``(1) In general.--For deductions related to employer
contributions, see section 162.
``(2) Nondiscrimination.--Under regulations prescribed by
the Secretary, notwithstanding section 162, no deduction shall
be allowed for employer contributions to a PRIA Choice Account
on behalf of an employee who is a highly compensated employee
(as defined in section 414(q)) if the employer contributions
made on behalf of all employees discriminate in favor of such
employees who are highly compensated employees.
``(3) Certain controlled groups.--All employees who are
treated as employed by a single employer under subsections (b),
(c), and (m) of section 414 shall be treated as employed by a
single employer for purposes of this subsection.
``(h) Inflation Adjustment.--
``(1) In general.--In the case of any taxable year
beginning in a calendar year after 2021, the dollar amounts
under subsection (b) and subsection (c)(4) shall be increased
by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined by substituting
`calendar year 2020' for `calendar year 2016' in
subparagraph (A)(ii) thereof.
``(2) Rounding rules.--If any amount after adjustment under
paragraph (1) is not a multiple of $500, such amount shall be
rounded to the next lower multiple of $500.
``(i) Portable Retirement and Investment Board.--The Portable
Retirement and Investment Board established under section 2 of the
Portable Retirement and Investment Account Act of 2021 shall deposit
any contribution to the PRIA Basic Account of an individual who has
made the election under section 4(f)(1) of such Act into the PRIA
Choice Account of the individual. Such contribution shall be treated as
if made directly to such PRIA Choice Account.''.
(c) Clerical Amendments.--The table of sections for chapter 1 is
amended by inserting after the item related to section 223 the
following new item:
``Sec. 223A. PRIA Choice Accounts.''.
SEC. 8. OPTION TO ROLL OVER.
(a) In General.--Any individual who holds an account described in
subsection (c) may elect to roll over the entire amount in such account
into a PRIA Choice Account (as defined in section 223A of the Internal
Revenue Code of 1986). Such rollover shall be treated as a rollover
described in section 223A(e)(4) of the Internal Revenue Code of 1986.
(b) Orphaned Accounts.--The trustee of any account described in
subsection (c) 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 Treasury. Such a transfer shall be treated as a rollover described
in section 223A(e)(4) of the Internal Revenue Code of 1986.
(c) Accounts Described.--This subsection shall apply to accounts
opened or annuity contracts purchased pursuant to the following
sections of the Internal Revenue Code of 1986:
(1) Section 401(k).
(2) Section 403(b).
(3) Section 457.
(4) Section 409A.
(5) Section 408.
SEC. 9. REGULATIONS.
Not later than 180 days after the date of the enactment of this
Act, the Secretary of the Treasury, in coordination with the
Commissioner of Social Security, as determined necessary by the
Secretary, shall issue regulations to carry out this Act.
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