H.R.5558 - Retirement Savings and Security Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Thomas, William M. [R-CA-21] (Introduced 10/07/2002)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 107-733|
|Latest Action:||House - 10/10/2002 Placed on the Union Calendar, Calendar No. 457. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5558 — 107th Congress (2001-2002)All Information (Except Text)
Retirement Savings and Security Act of 2002 - Amends the Internal Revenue Code to accelerate, to 2003, increases to: (1) the $5,000 deductible IRA 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.
Reported to House with amendment(s) (10/10/2002)
Increases incrementally, from the current of age 70 1/2 to age 75 starting in 2007, the required beginning date for distributions from qualified plans.