savings account of such individual which is excludable from the taxpayer’s adjusted gross income for such taxable year under section 139G (and such amount shall not be allowed as a deduction under subsection (a)). (c) Eligible individual For purposes of this section, the term eligible individual means, with respect to any month, any individual who has earned income from employment during the 12 months preceding the month in which the parental leave savings account is established. (d) Parental leave savings account For purposes of this section— (1) In general The term parental leave savings account means a trust created or organized in the United States exclusively for the purpose of making distributions for the care of a child of the account owner, but only if the written governing instrument creating the trust meets the following requirements: (A) Except in the case of a rollover contribution described in subsection (e)(3), no contribution will be accepted— (i) unless it is in cash, or (ii) to the extent such contribution— (I) when added to previous contributions to the trust for the calendar year, exceeds the dollar amount in effect under subsection (b)(1), or (II) when added to all previous contributions to the trust, exceeds the limit under subsection (b)(2). (B) The trustee is a bank (as defined in section 408(n)), or another person who demonstrates to the satisfaction of the Secretary that the manner in which such person will administer the trust will be consistent with the requirements of this section. (C) No part of the trust assets will be invested in life insurance contracts. (D) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (E) The interest of an individual in the balance in his account is nonforfeitable. (2) Certain rules to apply Rules similar to the following rules shall apply for purposes of this section: (A) Section 219(d)(2) (relating to no deduction for rollovers). (B) Section 219(f)(3) (relating to time when