is employed by another applicable employer, the employee's default contribution level under this paragraph shall be the same level that it was on the last day of employment with the previous employer. (2) Employer contributions (A) In general Applicable employers may contribute more to an employee's UP Retirement Account than is required under section 802, but may not contribute more than 1/2 the amount in effect under section 402(g)(1)(B) of the Internal Revenue Code of 1986 for the taxable year. (B) Default rules Any employer matching requirements under this part shall apply to any employer contributions that are in addition to the minimum employer contribution. (C) Fiduciary duties An applicable employer’s fiduciary duties with respect to an employee's UP Retirement Account extend only to the full and timely payment of contributions to their employees’ UP Retirement Accounts. For all other purposes, the members of the Board are the fiduciaries of such accounts. (g) Participant accounts (1) In general The Executive Director shall establish and maintain an account for each individual who makes contributions or for whom contributions are made under this section. (2) Balances The balance in a participant's account at any time is the excess of— (A) the sum of— (i) all contributions made to the UP Retirement Account by the participant