A bill to amend the Internal Revenue Code of 1954 to allow certain individuals whose employers make contributions to pension plans a deduction for their contributions to certain individual retirement savings plans.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to extend to individuals, whose employers make contributions to employer pension plans, the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for married couples) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the employer contributions made on behalf of such individual under an employer pension plan. Disallows deductions for: (1) contributions made during the taxable year in which the individual (or his spouse) has reached age 70 1/2; (2) contributions which do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year; (3) contributions of rollover amounts from tax qualified pension plans; and (4) amounts contributed under endowment contracts.…