Retirement Savings Security Act of 2002

The Retirement Savings Security Act of 2002 (H.R. 4931) was designed to make permanent several popular tax-advantaged retirement benefits that were originally scheduled to expire. By repealing "sunset" provisions, the bill sought to ensure that increased contribution limits for 401(k) plans and Individual Retirement Accounts (IRAs) would remain in place indefinitely. For the average citizen, this meant the continued ability to save larger amounts of pre-tax income for retirement and the permanent availability of "catch-up" contributions for workers aged 50 and older.