Summary: H.R.5553 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.5553. Bill summaries are authored by CRS.

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Introduced in House (10/03/2002)

Protecting America's Savings Act of 2002 - Amends the Internal Revenue Code (Code) to accelerate increases to: (1) the $5,000 deductible individual retirement account (IRA) contribution limit; and (2) the $15,000 elective deferral and the State, local, and tax-exempt organizations' plan limits, the $10,000 SIMPLE plan limit, and catch-up contribution limits.

Increases dollar amount eligibility for IRA and Roth IRA deductibility.

Amends Federal law to permit Federal employee Thrift Savings Fund catch-up contributions.

Amends the Code to expand and make permanent the credit for elective deferrals and IRA contributions for certain individuals.

Increases incrementally, from the current of age 70 1/2 to age 75 the required beginning date for distributions from qualified plans. Establishes: (1) $300,000 amounts not subject to minimum distribution requirements for defined contribution and individual retirement plans; and (2) $0 for defined benefit plans.

Permits exempt trust and IRA rollovers to a spouse's retirement plan.

Permits rollovers by nonspouse designated beneficiaries for the following retirement plans: (1) State and local government or tax-exempt organization deferred compensation plans; (2) employer-purchased employee annuity plans; and (3) certain tax-exempt organization or public school employee annuities.

Provides for certain tax-free changes of "equal periodic payment" annuity determinations.

Permits certain nonelective employer contributions to be made for qualifying employee "simple retirement accounts."

Imposes a golden parachute excise tax on excessive employee remuneration paid by a corporation after bankruptcy.

Provides for a study of defined contribution plan losses due to market volatility.