Summary: H.R.5558 — 107th Congress (2001-2002)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Reported to House with amendment(s) (10/10/2002)

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.

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.