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)(B), (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)(B)(ii) to have contributions or purchases made at a different percentage or in a different amount, and (iv) the opportunity under paragraph (1)(B)(iii) to modify the manner in which such amounts are invested for such year. (D) Employer may permit employees to choose IRA Subject to subsection (f), if the employer so elects, the arrangement provides that an employee may elect to have contributions made to any individual retirement plan specified by the employee. (E) Employer may permit employees to choose retirement bond Subject to subsection (f), if the employer so elects, the arrangement provides that an employee may elect to have payments applied toward the purchase of retirement bonds. (3) Default investments If an employee is treated under clause (ii) of paragraph (1)(B) 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) if the employer has made an election under subsection (f)(2), be transferred to an individual retirement plan of the designated trustee or issuer but only if the contributions are invested as provided in paragraph (5), or (ii) be applied toward the purchase of a retirement bond. (4) Amount of contributions and payments (A) In general The amount specified in this paragraph is— (i) 3 percent of compensation, or (ii) such other percentage of compensation as is specified in regulations prescribed by the Secretary which is not less than 2