A bill to amend the Internal Revenue Code of 1954 to exclude from gross income a certain portion of amounts received under public retirement systems.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from the gross income of an individual who has attained age 65 before the close of the taxable year any amount received as a pension or annuity under a public retirement system. Limits such exclusion to the excess of: (1) the maximum individual social security benefit which could be paid to such individual; or (2) the amounts actually received by such individual during the taxable year under title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act.…