lar to the rules applicable to simple retirement accounts 
under section 2(h) of the Employee Retirement and In-
come 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 ben-
eficiary. 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 Regu-
lations. Investments in such accounts are not subject 
to the limitation to lifecycle funds described in sec-
tion 3. 
(2) NOTIFICATIONS.— 
(A) STATEMENTS.—The Director shall en-
sure that account statements are delivered to 
the beneficiary of a portable retirement and in-
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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 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 par-
ent 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 treat-
ed 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 
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allowed to be made to a PRIA Basic or PRIA Choice Ac-
count as a Roth contribution. Any contribution so des-
ignated 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 sub-
section (a) and earnings attributable thereto. 
(c) RULES RELATING
TO TREATMENT
OF DES-
IGNATED CONTRIBUTIONS.— 
(1) DESIGNATION LIMITS.—The amount of con-
tributions 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). 
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(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 admin-
istrator (as defined in section 414(g) of the Internal Rev-
enue 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 adminis-
trator, and the Fund or each such custodial entity in the 
case of a PRIA Basic or PRIA Choice Account, shall re-
port 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 ac-
count as of market close the day before the last day 
of the quarter, 
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(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 In-
come 
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. 
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(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 dis-
close or share information shall not constitute a violation 
of the provisions of Gramm-Leach-Bliley Act or the Em-
ployee Retirement Income Security Act of 1974. 
SEC. 7. TAX TREATMENT OF PORTABLE RETIREMENT AND 
INVESTMENT ACCOUNTS. 
(a) IN GENERAL.—Section 7701 of the Internal Rev-
enue 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 ac-
count shall be treated as an individual retirement 
plan, and 
‘‘(2) except to the extent provided in section 
223A or the Portable Retirement and Investment 
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Account Act of 2021, any contribution to, or dis-
tribution from, a portable retirement and investment 
account shall be treated in the same manner as con-
tributions to, or distributions from, such a plan. 
For purposes of this subsection, the term portable retire-
ment 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 AC-
COUNTS.—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 tax-
able 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.— 
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‘‘(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 INDIVID-
UALS 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 para-
graph (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 cre-
ated or organized in the United States for the exclu-
sive 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 
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manner in which such other person will admin-
ister the trust will be consistent with the re-
quirements 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 Ac-
count Act of 2021, 
‘‘(ii) amounts described in subsection 
(a)(1), 
‘‘(iii) amounts deposited by an em-
ployer 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 con-
tribution described in subsection (d)(4), no con-
tribution 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 dur-
ing a calendar year. 
‘‘(E) Amounts in the trust will be invested 
in not more than 15 total funds, and will be in-
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vested 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 in-
vestments 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 591⁄2. 
‘‘(2) PRIA CHOICE ANNUITIES.—Rules similar 
to the rules of section 408(b) shall apply with re-
spect to PRIA Choice Accounts in the case of a tax-
payer purchasing an annuity contract or an endow-
ment 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 busi-
ness 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 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 In-
vestment Account Act of 2021). 
‘‘(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 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 bal-
ance of all other loans from such account), does 
not exceed the lesser of— 
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‘‘(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. 
‘‘(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-
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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 PRIA Choice Account on behalf of an 
employee who is a highly compensated employee (as 
defined in section 414(q)) if the employer contribu-
tions made on behalf of all employees discriminate in 
favor of such employees who are highly compensated 
employees. 
‘‘(3) CERTAIN CONTROLLED GROUPS.—All em-
ployees who are treated as employed by a single em-
ployer under subsections (b), (c), and (m) of section 
414 shall be treated as employed by a single em-
ployer for purposes of this subsection. 
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‘‘(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 deter-
mined under section 1(f)(3) for the calendar 
year in which the taxable year begins, deter-
mined 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.’’. 
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(c) 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. PRIA Choice Accounts.’’. 
SEC. 8. OPTION TO ROLL OVER. 
(a) IN GENERAL.—Any individual who holds an ac-
count 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 Rev-
enue 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 ac-
count 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). 
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(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 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 Act. 
Æ 
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