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

Amends the Internal Revenue Code to allow an income tax deduction for cash contributions made by an eligible employee to certain retirement savings and pension plans. Limits the amount of such deduction to the lesser of ten percent of the employee's gross compensation or $1,000. Defines "eligible employee" as an employee who is an active participant for any part of the taxable year in a tax-exempt pension or profit-sharing plan, an annuity plan, or a qualified bond purchase plan.