A bill to amend the Internal Revenue Code of 1954 to exclude from gross income retirement benefits received by certain retired individuals who have attained age 65.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income certain retirement benefits to the extent that such benefits do not exceed the maximum social security benefit. Reduces such exclusion by the amount of social security benefits received. Limits eligibility for such exclusion to taxpayers who are age 65 or over and who receive retirement benefits which exceed one-half of their adjusted gross income for the year.…