on their behalf, and (3) for processing accounts of deceased individuals and returning Federal contributions to the Treasury pursuant to section 529(f)(9)(B) of the Internal Revenue Code of 1986. 3. Establishment of Federal 401Kids Account Program (a) Establishment of program The Secretary of the Treasury shall, not later than December 31, 2024, establish a permanent program, to be known as the Federal 401Kids Account Program , which meets the requirements of this section to— (1) establish and maintain a savings account (referred to in this section as a 401Kids Savings Account ) meeting the requirements of subsections (b) and (c) on behalf of eligible individuals whose State does not maintain a 401Kids Account Program pursuant to section 529(f) of the Internal Revenue Code of 1986, and (2) make contributions pursuant to paragraphs (4) and (5) on behalf of eligible individuals to such 401Kids Savings Accounts and to accounts under any such State 401Kids Account Program. (b) Program specifications (1) In general (A) 401Kids Savings Accounts The Federal 401Kids Account Program established under this section shall— (i) establish on behalf of each eligible individual whose State does not maintain a 401Kids Account Program pursuant to section 529(f) of the Internal Revenue Code of 1986 a 401Kids Savings Account which meets the requirements of this subsection and subsection (c) on behalf of the individual as of 1 year after the later of— (I) birth or naturalization