A bill to amend the Internal Revenue Code of 1954 to allow persons covered by certain other retirement plans to establish personal savings for retirement.

[AI summary unavailable — showing source text] Allows as deductions under the Internal Revenue Code amounts paid in cash by or on behalf of an individual: (1) to an employee's trust; or (2) for the purpose of an annuity contract as defined in the Code. Establishes the limitations on such deductions.…