terminates, the arrangement may provide that the employee may not elect to resume participation until the beginning of the next calendar year. (C) Notice of election period The requirements of this paragraph shall not be treated as met with respect to any year unless the employer notifies each employee eligible to participate, within a reasonable period of time before the 30th day before the beginning of such year (and, for the first year the employee is so eligible, the 30th day before the first day such employee is so eligible), of— (i) the payments that may be elected or treated as elected under paragraph (1)(A), (ii) the opportunity to make the election to terminate participation in the arrangement under subparagraph (B), (iii) the opportunity to make the election under paragraph (1)(A)(ii) to have contributions or purchases made at a different percentage or in a different amount, and (iv) the opportunity under paragraph (1)(A)(iii) to modify the manner in which such amounts are invested for such year. (D) Investment options The requirements of this paragraph shall not be treated as met with respect to any year unless an employee electing to have contributions made to an individual retirement plan is provided with the option to choose among all investment options described in subparagraphs (B), (C), (D), and (E) of paragraph (6). (4) Default investments If an employee is treated under clause (ii) of paragraph (1)(A) as having made an election to participate in an automatic IRA arrangement— (A) the employee shall be deemed to have made an election to make contributions and payments in the amount determined under such clause, and (B) such contributions shall— (i) be transferred to an individual retirement plan of the designated trustee or issuer, but only if the contributions are invested as provided in paragraph (6), or (ii) be applied toward the purchase of a qualifying retirement bond. (5) Amount of contributions and payments (A) In general The amount specified in this paragraph with respect to any employee