To amend the Internal Revenue Code of 1986 to permit employees to enter into new salary reduction agreements under a tax-sheltered annuity plan due to the impairment or insolvency of the issuer of the annuity contracts.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to authorize an employee to enter into a new salary reduction agreement with an employer under an annuity plan purchased by a tax-exempt organization or public school due to the impairment or insolvency of the issuer of such plan.…