; (B) under which a qualifying employee— (i) may elect— (I) to contribute to an automatic USA Retirement Fund by having the employer deposit payroll deduction amounts or make other periodic direct deposits (including electronic payments) to the Fund; or (II) to have such payments paid to the employee directly in cash; (ii) is treated as having made the election under clause (i)(I) in the amount specified in paragraph (4) unless the individual specifically elects not to have such contributions made (or specifically elects to have such contributions made at a different percentage or in a different amount); and (iii) not more than once per calendar year, may elect to modify the selection of the USA Retirement Fund to which contributions are made for such year; and (C) that meets the administrative requirements of paragraph (3), including the notice requirement of paragraph (3)(C). (2) Automatic re-enrollment An employee’s election not to contribute to a USA Retirement Fund (or to have such contributions made at a different percentage or in a different amount from those specified in paragraph (4)) shall expire after 2 years. After such 2-year period and absent a new election, the employee shall be treated as having made the election under paragraph (1)(B)(i)(I) in the amount specified in paragraph (4). (3) Administrative requirements (A) Payments An employer shall make the payments elected or treated as elected under paragraph (1)(B) on or before— (i) the last day of the month following the month in which the compensation otherwise would have been payable to the employee in cash