Airline Pilots Retirement Security Act

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 em- ployee 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Airline Pilots Retire- 4 ment Security Act’’. 5 VerDate Sep 11 2014 04:12 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3038.IH H3038 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3038 IH SEC. 2. CATCH-UP CONTRIBUTIONS. 1 (a) IN GENERAL.—Section 414(v) of the Internal 2 Revenue Code of 1986 is amended— 3 (1) in paragraph (2)(A), by striking ‘‘A plan’’ 4 and inserting ‘‘Except as provided in subparagraph 5 (E)’’, and 6 (2) by adding at the end the following new sub- 7 paragraph: 8 ‘‘(E) CATCH UP CONTRIBUTIONS FOR INDI- 9 VIDUALS WITHIN OF FEDERALLY MANDATED 10 RETIREMENT AGE.—For each of the 3 taxable 11 years of employment of an employee subject to 12 a federally mandated retirement age, the appli- 13 cable dollar amount shall be twice the dollar 14 amount in effect under subparagraph (B).’’. 15 (b) EFFECTIVE DATE.—The amendments made by 16 this section shall apply to contributions in taxable years 17 beginning after December 31, 2020. 18 SEC. 3. COST OF LIVING ADJUSTMENT FOR DEFINED CON- 19 TRIBUTION PLAN LIMIT OF A QUALIFIED EM- 20 PLOYER RETIREMENT PLAN. 21 (a) IN GENERAL.—Section 415(d) of the Internal 22 Revenue Code of 1986 is amended— 23 (1) by amending paragraph (1)(C) to read as 24 follows: 25 ‘‘(C) the following amount, as applicable: 26 VerDate Sep 11 2014 04:12 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3038.IH H3038 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3038 IH ‘‘(i) the $40,000 amount in subsection 1 (c)(1)(A) with respect to adjustments for 2 calendar years ending before January 1, 3 2022, or 4 ‘‘(ii) $30,000 with respect to adjust- 5 ments for calendar years beginning on and 6 after January 1, 2022, 7 for increases in the cost-of-living in accordance 8 with regulations prescribed by the Secretary.’’, 9 (2) by amending paragraph (3)(D) to read as 10 follows: 11 ‘‘(D) AMOUNT UNDER PARAGRAPH 12 (1)(C).—With respect to adjustments for cal- 13 endar years ending before January 1, 2022, the 14 base period taken into account for purposes of 15 paragraph (1)(C) is the calendar quarter begin- 16 ning July 1, 2001. With respect to adjustments 17 for calendar years beginning on and after Janu- 18 ary 1, 2022, the base period taken into account 19 for purposes of paragraph (1)(C) is the cal- 20 endar quarter beginning July 1, 1987.’’, and 21 (3) in paragraph (4)(B), by striking the header 22 and inserting ‘‘AMOUNT UNDER PARAGRAPH (1)(C).’’ 23 VerDate Sep 11 2014 04:12 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3038.IH H3038 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3038 IH (b) EFFECTIVE DATE.—The amendments made by 1 this section shall apply to contributions in taxable years 2 beginning after December 31, 2021. 3 Æ VerDate Sep 11 2014 04:12 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H3038.IH H3038 kjohnson on DSK79L0C42PROD with BILLS