subsection. The Director shall establish certification cri-
teria which shall include the following: 
(1) Expertise, including the professional quali-
fications, business model, experience, and training of 
the trustee and any service providers that the trust-
ee intends to use. 
(2) Registration, licensing, and financial sound-
ness 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 ac-
creditations. 
(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. 
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(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). 
SEC. 4. ESTABLISHMENT; CONTRIBUTIONS. 
(a) ESTABLISHMENT.— 
(1) PORTABLE RETIREMENT AND INVESTMENT 
ACCOUNT FUND.—There is established in the Treas-
ury the Portable Retirement and Investment Ac-
count 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 para-
graph (4), not later than 90 days after such notifica-
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tion or submission, the Director shall establish, with 
such individual as the sole beneficiary, a portable re-
tirement and investment account within the Fund. 
(3) NOTIFICATION OF ISSUANCE OF SOCIAL SE-
CURITY 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 Commis-
sioner 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 re-
spect to social security account numbers as-
signed 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 des-
ignated 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 
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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 end-
ing before the date of the notification under such 
subsection, the Director shall deposit into the port-
able retirement and investment account of the indi-
vidual 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 indi-
vidual 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 propor-
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tional 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 2020, the dollar amount in subpara-
graph (A) shall be increased by an amount 
equal to— 
(i) such dollar amount, multiplied by 
(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) of the In-
ternal Revenue Code of 1986 for the cal-
endar year in which the taxable year be-
gins, by substituting ‘‘calendar year 2019’’ 
for ‘‘calendar year 2016’’ in subparagraph 
(A)(ii) thereof. 
Any increase determined under the preceding 
sentence shall be rounded to the nearest mul-
tiple of $10. 
(4) CONTRIBUTION FOR TRANSFER.—A bene-
ficiary of a portable retirement and investment ac-
count, or in the case of a beneficiary who has not 
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attained the age of 18, the parent or guardian of 
such beneficiary, may elect at any time to transfer 
the entire amount in the account to a portable re-
tirement and investment account in the private sec-
tor. 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. 
Upon such election, the Director shall provide for a 
$50 deposit if the beneficiary completes a financial 
literacy training, as determined appropriate by the 
Director. Investments in such accounts are not sub-
ject to the limitation to lifecycle funds described in 
section 3. 
(c) PERSONAL CONTRIBUTIONS.— 
(1) IN GENERAL.—The beneficiary of a portable 
retirement and investment account may at any time 
contribute additional funds for deposit into such ac-
count. 
(2) DIRECT DEPOSIT.—Any employer who per-
mits wages to be paid to an employee by electronic 
funds transfer shall permit such employee to elect to 
deposit, by means of electronic funds transfer, a por-
tion of such wages specified by the employee into the 
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employee’s portable retirement and investment ac-
count. 
(3) 
AUTOMATIC
CONTRIBUTION
ARRANGE-
MENT.—Any employer may provide that an employee 
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). 
(4) 
SUPERSEDURE.—Paragraph 
(4) 
shall 
supercede 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 (4). The Direc-
tor may prescribe regulations which would establish 
minimum standards that such an arrangement 
would be required to satisfy in order for this para-
graph to apply in the case of such arrangement. 
(d) EMPLOYER CONTRIBUTIONS.—The employer of a 
beneficiary of a portable retirement and investment ac-
count may at any time contribute additional funds for de-
posit into such account. 
(e) TRANSFER OPTION.— 
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(1) IN GENERAL.—A beneficiary of a portable 
retirement and investment 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 port-
able retirement and investment account to any port-
able retirement and investment account in the pri-
vate sector (as defined in section 223A of the Inter-
nal Revenue Code of 1986) with such beneficiary as 
the sole beneficiary. 
(2) NOTIFICATIONS.— 
(A) STATEMENTS.—The Director shall en-
sure that account statements are delivered to 
the beneficiary of a portable retirement and in-
vestment 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 bene-
ficiary of the account of the option under para-
graph (3) to transfer the entire amount in such 
account to another account. 
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SEC. 5. TAX TREATMENT. 
(a) IN GENERAL.—Part VII of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 is amended 
by inserting after section 223 the following new section: 
‘‘SEC. 223A. PORTABLE RETIREMENT AND INVESTMENT AC-
COUNTS. 
‘‘(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 tax-
able year to a portable retirement and investment 
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) $18,500, or 
‘‘(B) an amount equal to the compensation 
includible in the individual’s gross income for 
such taxable year. 
‘‘(2) CATCH-UP CONTRIBUTIONS FOR INDIVID-
UALS 50 OR OLDER.—In the case of an individual 
who has attained the age of 50 before the close of 
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the taxable year, the amounts described in para-
graph (1)(A) and subsection (c)(4) for such taxable 
year shall be increased by $6,000. 
‘‘(c) PORTABLE RETIREMENT AND INVESTMENT AC-
COUNT.—For purposes of this title, the term ‘portable re-
tirement and investment account’ means a trust created 
or organized in the United States for the exclusive benefit 
of an individual, but only if the written governing instru-
ment creating the trust meets the following requirements: 
‘‘(1) The trustee is a bank (as defined in sec-
tion 408(n) of the Internal Revenue Code of 1986) 
or such other person who demonstrates to the satis-
faction of the Secretary that the manner in which 
such other person will administer the trust will be 
consistent with the requirements of this section. 
‘‘(2) The amounts in the trust may consist only 
of— 
‘‘(A) deposits under section 4(b) of the 
Portable Retirement and Investment Account 
Act of 2018, 
‘‘(B) amounts described in subsection 
(a)(1), 
‘‘(C) amounts deposited by an employer of 
the account beneficiary, 
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‘‘(D) interest on amounts in such trust, 
and 
‘‘(E) proceeds from investment of amounts 
in such trust. 
‘‘(3) Except in the case of a rollover contribu-
tion described in subsection (d)(4), no contribution 
will be accepted unless it is in cash. 
‘‘(4) No contributions in excess of the amount 
that is twice the dollar amount in effect under sub-
section (b)(1)(A) will be accepted during a calendar 
year. 
‘‘(5) No distribution that would bring the ac-
count balance below the amount deposited in such 
trust under section (b)(1) of the PRIA Act of 2018 
is allowed to an account beneficiary who has not at-
tained the age 591⁄2. 
‘‘(d) TAX TREATMENT OF ACCOUNTS.— 
‘‘(1) IN GENERAL.—A portable retirement and 
investment account is exempt from taxation under 
this subtitle unless such account has ceased to be a 
portable retirement and investment account. Not-
withstanding the preceding sentence, any such ac-
count is subject to the taxes imposed by section 511 
(relating to imposition of tax on unrelated business 
income of charitable, etc. organizations). 
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‘‘(2) ACCOUNT TERMINATIONS.—Rules similar 
to the rules of paragraphs (2) and (4) of section 
408(e) shall apply to portable retirement and invest-
ment accounts, and subsection (e)(2) shall not apply 
to any amount treated as distributed under such 
rules. 
‘‘(e) TAX TREATMENT OF DISTRIBUTIONS.— 
‘‘(1) IN GENERAL.—Any amount paid or dis-
tributed out of a portable retirement and investment 
account shall be included in the gross income of 
such beneficiary. 
‘‘(2) ADDITIONAL TAX ON CERTAIN DISTRIBU-
TIONS.—The tax imposed by this chapter on the ac-
count beneficiary for any taxable year in which there 
is a payment or distribution from a portable retire-
ment and investment account of such beneficiary 
shall be increased by 10 percent unless such pay-
ment or distribution is— 
‘‘(A) paid or distributed on or after the 
date on which the account beneficiary attains 
age 591⁄2, 
‘‘(B) paid or distributed to an account ben-
eficiary who is disabled within the meaning of 
subsection (m)(7), or 
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‘‘(C) paid or distributed to an account ben-
eficiary who has attained age 55 and becomes 
unemployed after attaining such age. 
‘‘(3) CERTAIN DISTRIBUTIONS NOT TAXED.— 
‘‘(A) IN GENERAL.—Paragraphs (1) and 
(2) shall not apply to any amount paid or dis-
tributed from a portable retirement and invest-
ment account to the account beneficiary to the 
extent the amount received is paid into a port-
able retirement and investment account, or for 
an annuity, for the benefit of such beneficiary 
not later than the 60th day after the day on 
which the beneficiary receives the payment or 
distribution. 
‘‘(B) LIMITATION.—This paragraph shall 
not apply to any amount described in subpara-
graph (A) received by an individual from a 
portable retirement and investment account if, 
at any time during the 1-year period ending on 
the day of such receipt, such individual received 
any other amount described in subparagraph 
(A) from a portable retirement and investment 
account which was not includible in the individ-
ual’s gross income because of the application of 
this paragraph. 
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‘‘(4) TRANSFER OF ACCOUNT INCIDENT TO DI-
VORCE.—The transfer of an individual’s interest in 
a portable retirement and investment account to an 
individual’s spouse or former spouse under a divorce 
or separation instrument described in subparagraph 
(A) of section 71(b)(2) shall not be considered a tax-
able transfer made by such individual notwith-
standing any other provision of this subtitle, and 
such interest shall, after such transfer, be treated as 
a portable retirement and investment account with 
respect to which such spouse is the account bene-
ficiary. 
‘‘(5) TREATMENT AFTER DEATH OF ACCOUNT 
BENEFICIARY.— 
‘‘(A) TREATMENT IF DESIGNATED BENE-
FICIARY
IS
SPOUSE.—If the account bene-
ficiary’s surviving spouse acquires such bene-
ficiary’s interest in a portable retirement and 
investment account by reason of being the des-
ignated beneficiary of such account at the death 
of the account beneficiary, such portable retire-
ment and investment account shall be treated 
as if the spouse were the account beneficiary. 
‘‘(B) OTHER CASES.—If, by reason of the 
death of the account beneficiary, any person ac-
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quires the account beneficiary’s interest in a 
portable retirement and investment account in a 
case to which subparagraph (A) does not 
apply— 
‘‘(i) such account shall cease to be a 
portable retirement and investment ac-
count as of the date of death, and 
‘‘(ii) an amount equal to the fair mar-
ket value of the assets in such account on 
such date shall be includible if such person 
is not the estate of such beneficiary, in 
such person’s gross income for the taxable 
year which includes such date, or if such 
person is the estate of such beneficiary, in 
such beneficiary’s gross income for the last 
taxable year of such beneficiary. 
‘‘(f) LOANS TREATED AS DISTRIBUTIONS.—For pur-
poses of this section— 
‘‘(1) IN GENERAL.—If during any taxable year 
a participant or beneficiary receives (directly or indi-
rectly) any amount as a loan from a portable retire-
ment and investment account, such amount shall be 
treated as having been received by such individual as 
a distribution from such account. 
‘‘(2) EXCEPTION FOR CERTAIN LOANS.— 
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‘‘(A) GENERAL
RULE.—Paragraph (1) 
shall not apply to any loan to the extent that 
such loan (when added to the outstanding bal-
ance 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 bal-
ance 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 RE-
PAYABLE 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. 
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‘‘(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 (deter-
mined at the time the loan is made) as the 
principal residence of the participant. 
‘‘(C) REQUIREMENT OF LEVEL AMORTIZA-
TION.—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 quar-
terly) 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 con-
tributions to a portable retirement and investment 
account on behalf of an employee who is a highly 
compensated employee (as defined in section 414(q) 
105(h)(5)) if the employer contributions made on 
behalf of all employees discriminate in favor of such 
employees who are highly compensated employees. 
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‘‘(3) CERTAIN CONTROLLED GROUPS.—All em-
ployees who are treated as employed by a single em-
ployer under subsection (b), (c), and (m) of section 
414 shall be treated as employed by a single em-
ployer for purposes of this subsection. 
‘‘(h) INFLATION ADJUSTMENT.— 
‘‘(1) IN GENERAL.—In the case of any taxable 
year beginning in a calendar year after 2020, 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 deter-
mined under section 1(f)(3) for the calendar 
year in which the taxable year begins, deter-
mined by substituting ‘calendar year 2019’ 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.’’. 
(b) CLERICAL AMENDMENTS.—The table of sections 
for chapter 1 is amended by inserting after the item re-
lated to section 223 the following new item: 
‘‘Sec. 223A. Portable Retirement and Investment Accounts.’’. 
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SEC. 6. OPTION TO ROLLOVER. 
(a) ROLLOVER OPTION.— 
(1) IN GENERAL.—Any individual who holds an 
account described under paragraph (2) may elect to 
roll over the entire amount in such account into a 
portable retirement and investment account. Such 
rollover shall be treated as a rollover described in 
section 223A(e)(4) of the Internal Revenue Code of 
1986. 
(2) 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: 
(A) Section 401(k). 
(B) Section 403(b). 
(C) Section 457. 
(D) Section 409A. 
(E) Section 408. 
SEC. 7. REGULATIONS. 
Not later than 180 days after the date of the enact-
ment of this Act, the Secretary of the Treasury, in coordi-
nation with the Commissioner of Social Security, as deter-
mined necessary by the Secretary, shall issue regulations 
to carry out this section. 
Æ 
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