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Code · BILL · 117th Congress · S. 2870 (Introduced in Senate) — To create portable retirement and investment accounts for all Americans, and for other purposes. · Sec. 5

Sec. 5. Optional treatment of contributions as Roth contributions

211 words·~1 min read·/bill/117/s/2870/is/section-5

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The Fund (or custodial entity in the case of a 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 Roth contributions. 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. The Fund (or such custodial entity) shall provide for separate accounts for amounts designated as Roth contributions under subsection
(a)and earnings attributable thereto. The amount of contributions which an individual may designate under subsection
(a)shall not exceed the excess (if any) of— the maximum amount of contributions allowed for such individual for the taxable year under section 4(c)(6); over the aggregate amount of contributions of the individual for the taxable year which the individual does not designate under subsection (a). 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).
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