Retirement Incentive Savings Act of 1980

[AI summary unavailable — showing source text] Retirement Incentive Savings Act of 1980 - Amends the Internal Revenue Code to exempt from income taxation interest accumulated in a tax deferred savings account which is created for the exclusive benefit of an individual taxpayer and which is maintained in a bank, savings and loan association, or a credit union. Permits cash contributions of $2,000 or less per year to such savings accounts. Specifies that distributions from tax deferred savings accounts shall be includible in the gross income of the payee, unless such distributions are reinvested within 60 days into another savings account. Provides that such accounts shall not be transferable except in cases of death or divorce. Requires the termination of a tax deferred savings account before the close of the fifth year after the death of the individual maintaining such account. Increases the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or 15 percent of an employee's taxable compensation. Permits active participants in tax- qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution…