A bill to amend the Internal Revenue Code of 1954 to provide for the application of cash or deferred arrangement rules to money purchase plans.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that a money purchase pension plan shall not lose its tax exemption because the plan includes a qualified salary reduction arrangement. Defines "qualified salary reduction arrangement" and "money purchase pension plan" for purposes of this Act. Provides that distributions from such a plan shall be taxable to the beneficiary in the same manner as an annuity.…