A Bill to amend the Internal Revenue Code of 1954 to allow a retirement savings deduction for persons covered by certain pension plans.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an income tax deduction equal to ten percent of an employee's gross compensation (or $1,000, whichever is less) for cash contributions made by an individual employee to certain retirement savings and pension plans. Denies such deduction to certain highly compensated participants in such plans who earn the equivalent of a least a GS-14 salary (and such compensation is higher than the wages and salaries of two-thirds of the other plan participants), unless the employer certifies that the plan complies with specified anti-discrimination standards.…