; or (ii) directly to such participant. (C) Default election In the case of a participant who fails to make an election within the period described in subparagraph (B), the Executive Director shall make the distribution directly to such participant. (4) Tax treatment of involuntary distribution A distribution made under paragraph (1) directly to the participant under subparagraph (B)(ii) or (C) shall be treated as an early distribution from a qualified retirement plan pursuant to section 72(t) of the Internal Revenue Code of 1986 to the extent such distribution does not consist of participant contributions to the Fund. (k) Treatment as Roth distributions The rules of sections 408(d) and 408A(d) of the Internal Revenue Code of 1986 shall apply to distributions from the Fund in the same manner as if such Fund were a Roth IRA. For purposes of the preceding sentence, contributions made under section 25F of such Code shall be treated as employer contributions which were not includible in gross income. 107. Accounts (a) In general The Executive Director shall establish and maintain an account for each participant who makes contributions under section 105(a), or for whom contributions are made under section 25F of the Internal Revenue Code of 1986, to the Fund. (b) Account balances The balance in a participant’s account is the excess of— (1) the sum of— (A) all contributions made to the Fund by the participant under section 105(a); (B) all contributions made to the Fund for the benefit of the participant by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986; and (C) the total amount of the allocations made to and reduction made in the account pursuant to subsection (c)