; and (B) in any other case, a lower amount to be determined under regulations issued by the Secretary of the Treasury to reflect a proportional reduction of such amount as the credit under such section decreases. (3) Applicable contribution amount (A) In general For purposes of this subsection, the term applicable contribution amount means $500. (B) Inflation adjustment In the case of any taxable year beginning in a calendar year after 2020, the dollar amount in subparagraph (A) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) of the Internal Revenue Code of 1986 for the calendar year in which the taxable year begins, by substituting calendar year 2019 for calendar year 2016 in subparagraph (A)(ii) thereof. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $10. (4) Contribution for transfer A beneficiary of a portable retirement and investment account, or in the case of a beneficiary who has not attained the age of 18, the parent or guardian of such beneficiary, may elect at any time to transfer the entire amount in the account to a portable retirement and investment account in the private sector. Such account shall be held by a custodial entity such as a bank, credit union, trust company or an entity that is licensed and regulated by the Secretary pursuant to requirements consistent with section 1.408–2e of title 26, Code of Federal Regulations. Upon such election, the Director shall provide for a $50 deposit if the beneficiary completes a financial literacy training, as determined appropriate by the Director. Investments in such accounts are not subject to the limitation to lifecycle funds described in section 3. (c) Personal contributions (1) In general The beneficiary of a portable retirement and investment account may at any time contribute additional funds for deposit into such account. (2) Direct deposit Any employer who permits wages to be paid to an employee