the lifetime income requirements described in this paragraph are— (A) Guaranteed income for life available A plan shall not be treated as an automatic contribution plan unless the plan permits participants to elect to receive at least 50 percent of their vested account balance in a form of distribution described in section 401(a)(38)(B)(iii). (B) Exceptions This paragraph shall not apply with respect to any participant whose vested account balance is $5,000 or less at the time of distribution. (6) Fee requirements Under the fee requirements of this paragraph, no participant may be charged unreasonable fees solely on the basis that the participant’s balance in an automatic contribution plan is small or solely on the basis that adoption of such a plan by the employee’s employer is mandatory. . (b) Excise tax for failure To maintain automatic contribution plan Chapter 43 of such Code is amended by adding at the end the following new section: 4980J. Failure to maintain automatic contribution plan (a) General rule (1) In general There is hereby imposed a tax on the failure of an employer to make eligible to participate in an automatic contribution plan maintained by the employer any employee of the employer who, under the terms of section 414(aa), would be required to be eligible to participate in an automatic contribution plan maintained by the employer. (2) Exceptions (A) Paragraph (1) shall not apply to an employer to the extent such employer participates in an arrangement under a qualified State law under section 514(f)(2) of the Employee Retirement Income Security Act of 1974. (B) Paragraph (1) shall not apply to an employer with respect to any employee who is eligible to participate in a different automatic contribution plan than one or more other employees of the employer. (b) Amount of tax (1) In general The amount of the tax imposed by subsection (a) on any failure with respect to an employee shall be $10 for each day in the noncompliance period with respect to such failure. (2) Noncompliance period For