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] Amends the Internal Revenue Code to allow individuals an income tax deduction for amounts paid into an employee's tax-exempt retirement trust, or for an annuity contract. Limits the allowable deduction to 15 percent of the individual's gross income, or $1,500, whichever is less, minus a specified portion of the employer's contributions and, in the case of employees exempt from self-employment, FICA or Railroad Retirement Act taxation, the amount of FICA tax liability they would have paid if they were not exempt.…