A bill to amend the Internal Revenue Code of 1954 to allow persons covered by certain other retirement plans to establish personal savings for retirement.

Allows a deduction of up to $1500 (or 15 percent of gross income, whichever is less) under the Internal Revenue Code for amounts paid by or on behalf of an individual into a retirement account or annuity plan, or for a retirement bond.

Provides for a reduction in the allowable deduction for employer contributions and in the case of public employees.