PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Congressional Research Service
Version 00 · Introduced in House · Oct 3, 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.
People & committees
Rep. Portman, Rob [R-OH-2] · R–OH
Legislative record
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Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
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Analyze H.R.5553 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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