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Increased Retirement Savings for Pilots and Mandated Retirement Age Professions.

This act allows airline pilots and others with a federally mandated retirement age to contribute more to their retirement plans in the three years leading up to retirement. It also adjusts the cost-of-living limits for certain defined contribution plans, potentially allowing for greater overall savings for retirement.
Key points
Individuals with a federally mandated retirement age (e.g., pilots) can make double the standard catch-up contributions in their final three years of employment.
The law changes how cost-of-living adjustments are calculated for certain retirement plan contribution limits, potentially increasing the amount that can be saved.
These changes apply to contributions made in tax years beginning after December 31, 2020 (for catch-up contributions) and after December 31, 2021 (for contribution limits).
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Additional Information
Print number: 117_HR_3038
Sponsor: Rep. Ferguson, A. Drew, IV [R-GA-3]
Process start date: 2021-05-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Airline Pilots Retirement Security Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3038.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-07.

What are the main provisions?

Key points include:

  • Individuals with a federally mandated retirement age (e.g., pilots) can make double the standard catch-up contributions in their final three years of employment.
  • The law changes how cost-of-living adjustments are calculated for certain retirement plan contribution limits, potentially increasing the amount that can be saved.
  • These changes apply to contributions made in tax years beginning after December 31, 2020 (for catch-up contributions) and after December 31, 2021 (for contribution limits).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Ferguson, A. Drew, IV [R-GA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Labor Taxes