Retirement Savings and Security Act of 2002
Last action on Oct 10, 2002Placed on the Union Calendar, Calendar No. 457.
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Summary
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.
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