A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to allow the recognition of certain income to be deferred by New York City uniformed public safety officers who contribute to a deferred compensation plan which requires that all plan assets be restricted to providing benefits under the plan.

Amends the Internal Revenue Code (IRC) to exempt from income tax any trust that is part of a deferred compensation plan that: (1) is organized exclusively for New York City uniformed public safety officers; (2) meets specified requirements applicable to deferred compensation plans of State and local governments; and (3) provides that all plan assets shall be used solely to provide plan benefits and shall not be subject to the claims of either the employer or the employer's creditors.

Applies IRC tax deferral provisions to such plans, but exempts them from provisions that accord rights in plan assets to the employer until distributions are made to participants or beneficiaries.

Permits a tax exclusion of rollovers to and from such a tax-exempt trust.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) to include such a tax-exempt tax-deferred compensation plan within the definition of "governmental plan", thus exempting such a plan from certain ERISA requirement provisions relating to the protection of employee benefit rights.