and investment account to any portable retirement and investment account in the private sector (as defined in section 223A of the Internal Revenue Code of 1986) with such beneficiary as the sole beneficiary. (2) Notifications (A) Statements The Director shall ensure that account statements are delivered to the beneficiary of a portable retirement and investment account by electronic delivery to the extent practicable. (B) Notice of transfer option When the amount in a portable retirement and investment account first exceeds $15,000 and when the beneficiary of the account attains the age of 18, the Director shall notify the beneficiary of the account of the option under paragraph (3) to transfer the entire amount in such account to another account. 5. Tax treatment (a) In general Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 223 the following new section: 223A. Portable retirement and investment accounts (a) Deduction allowed (1) In general There shall be allowed as a deduction for the taxable year an amount equal to the aggregate amount paid in cash during such taxable year to a portable retirement and investment account by the account beneficiary. (2) Certain rules to apply Rules similar to section 219(d)(2) (relating to no deduction for rollovers) shall apply for purposes of this section. (b) Maximum amount of deduction (1) In general The amount allowable as a deduction under subsection (a) to any individual for any taxable year shall not exceed the lesser of— (A) $18,500, or (B) an amount equal to the compensation includible in the individual’s gross income for such taxable year. (2) Catch-up contributions for individuals 50 or older In the case of an individual who has attained the age of 50 before the close of the taxable year, the amounts described in paragraph (1)(A) and subsection (c)(4) for such taxable year shall be increased by $6,000. (c) Portable retirement and investment account For purposes of this title, the term portable