; or (B) in the case of an applicable employer who does not provide an employer contribution but offers a State-established or -facilitated program described in subparagraph (A)(ii), such employer shall provide an UP Retirement Account to which the employer makes contributions, and any employee contributions shall be directed to the State plan. (3) Clarification of employer obligations with respect to certain employees In the case of an applicable employer that offers an UP Retirement Account plan and any other type of plan described in subparagraph (A)(i), (A)(ii), or (B), as applicable, of paragraph (2), to employees, with respect to employees for whom the employer is not required under this Act to offer participation in such other type of plan, the requirements of this part may be met by allowing such employees to participate in such other plan. (c) Standard notice The board shall develop a standard notice that employers with fewer than 10 workers electing not to make contributions are required to provide to each employee upon hire, and annually thereafter. Such notice shall provide instructions on how to set up an account, make contributions, and claim the individual credit under section 25BB of the Internal Revenue Code of 1986. 803. UP Account Board (a) Establishment of Board There is established a Federal Universal Personal Savings Investment Board, an independent government agency for the purpose of overseeing UP Accounts. (b) Membership (1) Appointment of members The President shall appoint, by and with the consent of the Senate, 5 members to serve on the Board. Such members shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. (2) Executive director The Board shall hire an Executive Director of the Board. (3) Terms Each member shall serve a term of 5 years, except that, of the members first appointed, one shall serve a term of 1 year, one shall serve a term of 2 years, one shall serve a term of 3 years, one shall serve a term of