A bill to amend the Internal Revenue Code of 1954 to permit certain retroactive changes in qualified pension plans and change certain provisions concerning qualification of pension plans.

States that a stock bonus pension, profit-sharing, or annuity plan shall be considered as satisfying the requirements established under the Internal Revenue Code of 1954 for a qualified trust if all provisions of the plan which are necessary to satisfy such requirements are in effect by the end of such period and have been made effective for all purposes for the whole of such period.

Excludes, as one of the requirements imposed on pension plans under the Code, consideration of employees covered by a collective bargaining agreement which does not provide that such employees are in such plans.