with the amount so deducted, of the prescribed employer contribution with respect to the eligible individual, under regulations of the Commissioner of Social Security applying the same principles relating to the timeliness of payment as are applicable under chapter 62 of the Internal Revenue Code of 1986 with respect to taxes under chapter 21 of such Code, and (3) the employer receives no compensation for the cost of administering such program. (c) Amounts otherwise payable may be accumulated by employer in certain cases If, under the terms of the governing instruments creating a S.A.F.E. account designated under section 103, contributions below a specified amount will not be accepted, the requirements of subsection (b)(2) shall be treated as met if amounts deducted from the wages of an employee who is an eligible individual, together with prescribed employer contributions (if any), are accumulated by the covered employer and paid to such account otherwise in accordance with subsection (b)(2) with reference to the first day on which the accumulated amount exceeds such specified amount. 103. Designation of S.A.F.E. accounts (a) In general Except as provided in subsection (b), a S.A.F.E. account to which contributions with respect to any employee who is an eligible individual are required to be paid under section 102 shall be such an account designated by such employee to such employer not later than 10 business days after the date on which such employee becomes an employee of such employer. Any such designation shall be made in such form and manner as may be prescribed in regulations of the Commissioner of Social Security. (b) Designation in absence of timely designation by employee In any case in which no timely designation of a S.A.F.E. account is made, the covered employer shall designate such account in accordance with regulations of the Commissioner of Social Security. (c) Subsequent substitution of accounts The Commissioner of Social Security shall provide by regulation for subsequent designation of a