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 estab-
lish 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 Ac-
counts 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 ag-
gregate, enough assets so that the establishment of a dedi-
cated target date fund for such class would be cost effec-
tive, 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 cri-
teria which shall include the following: 
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(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. 
(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 
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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 enti-
ties at any given time to provide services under sub-
section (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 con-
sider— 
(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 diver-
sity of trustees. 
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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-
tion or submission, the Director shall establish, with 
such individual as the sole beneficiary, a portable re-
tirement and investment account (in this Act re-
ferred to as a ‘‘PRIA Basic 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. 
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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 
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), 
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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 (without re-
gard to whether such account is a PRIA Basic Ac-
count or a PRIA Choice Account described in sub-
section (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 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-
tional reduction of such amount as the credit 
under such section decreases. 
(3) APPLICABLE CONTRIBUTION AMOUNT.— 
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(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 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 2020’’ 
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.—If a bene-
ficiary of a PRIA Basic Account (or, in the case of 
a beneficiary who is under 18 years of age, the par-
ent or guardian of the beneficiary) makes the elec-
tion under subsection (f), the Director shall provide 
for a $50 deposit if the beneficiary completes a fi-
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nancial literacy training, as determined appropriate 
by the Director. 
(c) PERSONAL CONTRIBUTIONS.— 
(1) IN GENERAL.—Except in the case of an in-
dividual 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 addi-
tional funds for deposit into such account. 
(2) DIRECT DEPOSIT.—Any employer who per-
mits wages to be paid to an employee described in 
paragraph (5) by electronic funds transfer shall per-
mit 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 port-
able retirement and investment account. 
(3) 
AUTOMATIC
CONTRIBUTION
ARRANGE-
MENT.—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 com-
pensation disclosed in advance to the employee until 
the employee specifically elects not to have such con-
tributions made (or specifically elects to have such 
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contributions made at a different percentage). Such 
uniform percentage of compensation may automati-
cally increase according to a schedule provided by 
the employer. 
(4) SUPERSEDURE.—Paragraph (3) shall super-
sede 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 ar-
rangement 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 para-
graph to apply in the case of such arrangement. 
(5) EMPLOYEE DESCRIBED.—An employee de-
scribed 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.— 
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(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 compensa-
tion (within the meaning of such section) 
includible in the individual’s gross income 
for such taxable year. 
(B) CATCH-UP CONTRIBUTIONS FOR INDI-
VIDUALS 50 OR OLDER.—In the case of an indi-
vidual who has attained the age of 50 before 
the close of the taxable year, the amounts de-
scribed 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 bene-
ficiary of a PRIA Basic or PRIA Choice Account 
may at any time contribute additional funds for de-
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posit into such account, to the extent the total of 
such contributions under this subsection and sub-
section (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 MECHA-
NISM.—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 re-
stricted to only certain employees shall provide a 
mechanism for the direct deposit of funds as de-
scribed 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 retire-
ment 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 simi-
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