Airline Pilots Retirement Security Act

Bill: 117-hr-3038
Sponsor: full_name: Rep. Ferguson, A. Drew, IV [R-GA-3]
Introduced: 2021-05-07
Policy area: Taxation
Latest action: action_date: 2021-05-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-07
action_desc: Introduced in House
text: <p><strong>Airline Pilots Retirement Security Act </strong></p> <p>This bill allows catch up contributions to tax-exempt retirement plans for employees subject to a federally-mandated retirement age, in the three years prior to and including such retirement age (e.g., airline pilots). The amount of such contribution is twice the current allowable amount. </p> <p>The bill also modifies the cost-of-living adjustment to the defined contribution plan limit of a tax-exempt employer retirement plan.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3038 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. Short title This Act may be cited as the Airline Pilots Retirement Security Act . 2. Catch-up contributions (a) In general Section 414(v) of the Internal Revenue Code of 1986 is amended— (1) in paragraph (2)(A), by striking A plan and inserting Except as provided in subparagraph (E) , and (2) by adding at the end the following new subparagraph: (E) Catch up contributions for individuals within of federally mandated retirement age For each of the 3 taxable years of employment of an employee subject to a federally mandated retirement age, the applicable dollar amount shall be twice the dollar amount in effect under subparagraph (B). . (b) Effective date The amendments made by this section shall apply to contributions in taxable years beginning after December 31, 2020. 3. Cost of living adjustment for defined contribution plan limit of a qualified employer retirement plan (a) In general Section 415(d) of the Internal Revenue Code of 1986 is amended— (1) by amending paragraph (1)(C) to read as follows: (C) the following amount, as applicable: (i) the $40,000 amount in subsection (c)(1)(A) with respect to adjustments for calendar years ending before January 1, 2022, or (ii) $30,000 with respect to adjustments for calendar years beginning on and after January 1, 2022, for increases in the cost-of-living in accordance with regulations prescribed by the Secretary. , (2) by amending paragraph (3)(D) to read as follows: (D) Amount under paragraph (1)(C) With respect to adjustments for calendar years ending before January 1, 2022, the base period taken into account for purposes of paragraph (1)(C) is the calendar quarter beginning July 1, 2001. With respect to adjustments for calendar years beginning on and after January 1, 2022, the base period taken into account for purposes of paragraph (1)(C) is the calendar quarter beginning July 1, 1987. , and (3) in paragraph (4)(B), by striking the header and inserting Amount under paragraph (1)(C). (b) Effective date The amendments made by this section shall apply to contributions in taxable years beginning after December 31, 2021.