of this section, the term S.A.F.E. account means a trust created or organized in the United States exclusively for the benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements: (1) Except in the case of rollover contributions from another S.A.F.E. account of such individual— (A) no contribution will be accepted unless it is in cash, (B) contributions will not be accepted for the taxable year in excess of 6.2 percent of the contribution and benefit base (as determined under section 230 of the Social Security Act ) for the calendar year which ends with or within such taxable year, and (C) any contributions with respect to an account holder which are not accepted pursuant to this paragraph are promptly refunded directly to the account holder. In the case of any such individual, effective for taxable years beginning with or after the 16th calendar year for which the individual’s election under section 105 of the Savings Account for Every American Act of 2018 is effective, 12.4 percent shall be substituted for 6.2 percent in subparagraph (B). (2) The trustee is a bank (as defined in section 408(n)) or such other person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section. (3) No part of the trust funds will be invested in life insurance contracts. (4) The interest of an individual in the balance in his account is nonforfeitable. (5) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (d) Tax treatment of distributions (1) In general Except as otherwise provided in this subsection, any amount distributed out of a S.A.F.E. account shall be included in gross income of the distributee for the taxable year in which the distribution is received. Notwithstanding any other provision of this title (including chapters 11 and 12), the basis of any