To amend the Internal Revenue Code of 1986 to allow deductible contributions to individual retirement plans designated as Retirement Years Savings Accounts.

Amends the Internal Revenue Code to allow a deduction for contributions made by an individual who is younger than the age of 40 to an individual retirement plan designated as a Retirement Years Savings Account (RYS). Prohibits any rollover contribution to an RYS account unless: (1) such contribution is from another RYS account; or (2) such contribution is from another individual retirement plan (other than an RYS account) and is made before January 1998.