Private Pensions Act

[AI summary unavailable — showing source text] Private Pensions Act - Allows as a tax deduction amounts paid during the taxable year by an individual to the following retirement savings plans (provided they meet the requirements of the Internal Revenue Code): (1) a qualified individual retirement account; (2) an employees' trust; (3) an annuity contract; or (4) a qualified bond purchase plan. Provides that the amount allowed as a deduction shall not exceed 20 percent of so much of the taxpayers earned income for such taxable year as does not exceed $7,500, and reduces the amount allowed as a deduction by the amount of any contributions made on behalf of the taxpayer by his employer. Provides that any contributions made on behalf of the taxpayer by his employer may, at the option of the taxpayer, be considered to be 7 percent of his earned income for such taxable year attributable to the performance of personal services for such employer. Directs that the limitations provided for in this Act shall be determined without regard, in the case of a married individual, to the earned income of his spouse or contributions made on behalf of his spouse. Establishes specific requirements for a trust, custodial account, or other similar arr…