I 

117TH CONGRESS 

1ST SESSION H. R. 3038 

To amend the Internal Revenue Code to authorize an employee subject to 

a federally mandated retirement age, in the three years prior to and 

including such retirement age, to make additional contributions toward 

a qualified employer plan, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 7, 2021 

Mr. FERGUSON (for himself and Mr. SMITH of Nebraska) introduced the 

following bill; which was referred to the Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code to authorize an employee subject to a federally mandated retirement age, 

in the three years prior to and including such retirement 

age, to make additional contributions toward a qualified 

employer plan, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Airline Pilots Retire5 ment Security Act’’. 


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1 SEC. 2. CATCH-UP CONTRIBUTIONS. 

2 (a) IN GENERAL.—Section 414(v) of the Internal 

3 Revenue Code of 1986 is amended— 

4 (1) in paragraph (2)(A), by striking ‘‘A plan’’ 

5 and inserting ‘‘Except as provided in subparagraph 

6 (E)’’, and 

7 (2) by adding at the end the following new sub8 paragraph: 

9 ‘‘(E) CATCH UP CONTRIBUTIONS FOR INDI10 VIDUALS WITHIN OF FEDERALLY MANDATED

11 RETIREMENT AGE.—For each of the 3 taxable 

12 years of employment of an employee subject to 

13 a federally mandated retirement age, the appli14 cable dollar amount shall be twice the dollar 

15 amount in effect under subparagraph (B).’’. 

16 (b) EFFECTIVE DATE.—The amendments made by 

17 this section shall apply to contributions in taxable years 

18 beginning after December 31, 2020. 

19 SEC. 3. COST OF LIVING ADJUSTMENT FOR DEFINED CON20 TRIBUTION PLAN LIMIT OF A QUALIFIED EM21 PLOYER RETIREMENT PLAN. 

22 (a) IN GENERAL.—Section 415(d) of the Internal 

23 Revenue Code of 1986 is amended— 

24 (1) by amending paragraph (1)(C) to read as 

25 follows: 

26 ‘‘(C) the following amount, as applicable: 


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•HR 3038 IH

1 ‘‘(i) the $40,000 amount in subsection 

2 (c)(1)(A) with respect to adjustments for 

3 calendar years ending before January 1, 

4 2022, or 

5 ‘‘(ii) $30,000 with respect to adjust6 ments for calendar years beginning on and 

7 after January 1, 2022, 

8 for increases in the cost-of-living in accordance 

9 with regulations prescribed by the Secretary.’’, 

10 (2) by amending paragraph (3)(D) to read as 

11 follows: 

12 ‘‘(D) AMOUNT UNDER PARAGRAPH

13 (1)(C).—With respect to adjustments for cal14 endar years ending before January 1, 2022, the 

15 base period taken into account for purposes of 

16 paragraph (1)(C) is the calendar quarter begin17 ning July 1, 2001. With respect to adjustments 

18 for calendar years beginning on and after Janu19 ary 1, 2022, the base period taken into account 

20 for purposes of paragraph (1)(C) is the cal21 endar quarter beginning July 1, 1987.’’, and 

22 (3) in paragraph (4)(B), by striking the header 

23 and inserting ‘‘AMOUNT UNDER PARAGRAPH (1)(C).’’ 


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1 (b) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to contributions in taxable years 

3 beginning after December 31, 2021. 

Æ 


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