Section 1 Short title
This Act may be cited as the “Airline Pilots Retirement Security Act”.
Airline Pilots Retirement Security Act
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.
Sec. 2 Catch-up contributions
in paragraph (2)(A), by striking “A plan” and inserting “Except as provided in subparagraph (E)”, and
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).”
Effective date— The amendments made by this section shall apply to contributions in taxable years beginning after December 31, 2020.
Sec. 3 Cost of living adjustment for defined contribution plan limit of a qualified employer retirement plan
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,”
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.”
in paragraph (4)(B), by striking the header and inserting “Amount under paragraph (1)(C).”
Effective date— The amendments made by this section shall apply to contributions in taxable years beginning after December 31, 2021.