A bill to amend the Internal Revenue Code of 1954 to provide that, in the case of an employee annuity, the employee may elect to exclude from gross income all amounts received by the employee under the annuity until the employee recovers his consideration for the annuity, without regard to whether such consideration is recovered during the first 3 years of the annuity.

Amends the Internal Revenue Code to allow an employee, in the case of an employee annuity, to elect to exclude from gross income all amounts received by such employee under the annuity until the employee recovers his consideration, without regard to whether such consideration is recovered during the first three years of such annuity.

Authorizes revocation of such election only with the consent of the Secretary of the Treasury.