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 S.A.F.E. account by an account holder in lieu of an account previously designated by such account holder under this section. 104. Self-employed individuals (a) In general In the case of an eligible individual who has self-employment income for any calendar year, such individual shall make timely payments to a S.A.F.E. account designated by such individual of the prescribed self-employment contribution with respect to such individual for such calendar year in accordance with regulations of the Commissioner of Social Security, applying the same principles relating to timeliness of payment as are applicable under chapter 62 of the Internal Revenue Code of 1986 with respect to taxes under chapter 2 of such Code. (b) Designation of account The designation of a S.A.F.E. account for payment of prescribed self-employment contributions shall be made in such form and manner as may be prescribed in regulations of the Commissioner of Social Security. (c) Periodic payment The Commissioner of Social Security shall provide by regulation for periodic installment payments during the calendar year of prescribed self-employment contributions for each eligible individual, taking into account, as appropriate for each period, prescribed employee contributions for such individual. 105. Elective participation (a) Election Any individual who has been assigned a social security account number under section 205(c)(2)(B) of the Social Security Act and has been paid wages or has derived self-employment income may, on or after the first day of the first calendar year beginning after the date of enactment of this Act, elect under this section to be an eligible individual for purposes of this Act. Any such election shall be made by filing with the Commissioner of Social Security, the Secretary