; maximum balance (1) In general Participants may make contributions to their UP Savings Account until the account reaches the maximum balance amount described in paragraph (1). Any contributions a participant wishes to make after the participant's account reaches such maximum balance amount shall be credited to the participant's UP Retirement Account established under section 805. An UP Savings Account may grow past the maximum balance amount due to accumulation without penalty. (2) Increased amounts The Board shall establish the maximum balance amount for purposes of paragraph (1) as follows: (A) For the first fiscal year that begins after the date of enactment of the Saving for the Future Act , the maximum balance amount shall be 2,500. (B) For fiscal year immediately following the fiscal year described in subparagraph (A), and each fiscal year thereafter, the Board shall increase the maximum balance amount from the previous year, in increments of $100 that most closely reflects the average wage growth during the applicable 12-month period. (3) Default rule Any contributions a participant makes pursuant to accounts established under this part shall be credited to the participant's UP Savings Account, until such has reached the maximum balance amount, unless the participant specifies otherwise. Once the maximum balance is reached, additional contributions will go to a participant's UP Retirement Account. (c) Investment The Board may invest contributions to UP Savings Account only in cash, money market funds, certificates of deposit, or government bonds. (d) Withdrawals Participants may withdraw amounts from their UP Savings Account when experiencing a specific financial situation that requires a non-routine use of money, as determined by the Board (in rules similar to the rules governing hardship distributions from a trust described in section 401(a) of the Internal Revenue Code of 1986 which is exempt from taxation under section 501(a) of such Code). Such situations may include a major reduction in earnings,