; (2) to pay benefits or purchase annuity contracts under this subchapter; and (3) to pay administrative expenses. 805. UP Retirement Accounts (a) In general The Board shall establish UP Retirement Accounts that are portable, defined contribution pension plans. (b) Rollovers (1) Definitions For purposes of this subsection— (A) the term eligible rollover distribution has the meaning given such term by section 402(c)(4) of the Internal Revenue Code of 1986; and (B) the term qualified trust has the meaning given such term by section 402(c)(8) of the Internal Revenue Code of 1986. (2) Rollovers A participant may contribute to the UP Retirement Account an eligible rollover that a qualified trust could accept under the Internal Revenue Code of 1986. A contribution made under this subsection shall be made in the form described in section 401(a)(31) of the Internal Revenue Code of 1986. In the case of an eligible rollover distribution, the maximum amount transferred to the Up Account Fund shall not exceed the amount which would otherwise have been included in the participant's gross income for Federal income tax purposes. (3) Regulations The Executive Director shall prescribe regulations to carry out this subsection. (c) Administration The Board shall contract with one or more private investment firms to administer the UP Accounts. The Board shall contract with multiple private investment firms, as necessary to ensure that no single firm administers more than $500,000,000,000 in UP Account assets. (d) Individual eligibility (1) In general An employee is eligible to participate in an UP Retirement Account if— (A) the employee's employer establishes an UP Retirement Account on the employee's behalf