A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of certain retirement benefits received by individuals to the extent that such benefits do not exceed the maximum social security benefits payable to any individual.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude individual retirement benefits received under specified individual retirement savings plans, bonds, trusts and annuity contracts to the extent that the benefits do not exceed the maximum social security old age insurance benefits which could have been paid to an individual during the calendar year.…