IRA Employer Plan Coordination Act of 1979

[AI summary unavailable — showing source text] IRA-Employer Plan Coordination Act of 1979 - Amends the Internal Revenue Code to extend to participants in qualified (tax-exempt) private employer pension plans the income tax deduction for cash contributions made by, or on behalf of, such participants to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 or an amount equal to 15 percent of an individual's employment compensation for the taxable year, over the total amount of contributions made on behalf of such individuals to a plan under which the individual has a nonforfeitable right to 100 percent of his accrued benefits. Specifies limits on the amount of deductible contributions to simplified employee pensions and individual retirement plans. Reduces, by five percent, the allowable deduction for participants in a multiemployer defined benefit plan or church plan. Disallows deductions for employees covered by Government plans, owner-employees, officers of corporations maintaining a plan, ten percent shareholders, and individuals who have attained age 70 1/2. Disallows deductions for individuals who are otherwise qualified but who do not conform to methods prescribed by the Secretary of the…