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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Retirement Savings and Security Act
of 2002''.

SEC. 2. ACCELERATION OF INCREASES IN IRA CONTRIBUTION LIMIT.

(a) Deductible Amount.--Subparagraph (A) of section 219(b)(5) of
the Internal Revenue Code of 1986 is amended to read as follows:
''(A) In general.--The deductible amount shall be
$5,000.''.
(b) Catch-Up Amount.--Subparagraph (B) of section 219(b)(5) of such
Code is amended to read as follows:
''(B) Catch-up contributions for individuals 50 or
older.--In the case of an individual who has attained
the age of 50 before the close of the taxable year, the
dollar amount in effect under paragraph (1)(A) for such
taxable year (determined without regard to this
paragraph) shall be increased by $1,000.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2002.

SEC. 3. ACCELERATION OF SCHEDULED INCREASES IN PENSION PLAN
CONTRIBUTION LIMITS.

(a) Elective Deferrals.--Subparagraph (B) of section 402(g)(1) of
the Internal Revenue Code of 1986 is amended by striking ''the amount
determined'' and all that follows and inserting ''$15,000.''.
(b) Deferred Compensation Plans of State and Local Governments and
Tax-Exempt Organizations.--Subparagraph (A) of section 457(e)(15) of
such Code is amended by striking ''the amount determined'' and all that
follows and inserting ''$15,000.''.
(c) Simple Retirement Accounts.--Clause (i) of section 408(p)(2)(E)
of such Code is amended by striking ''the amount determined'' and all
that follows and inserting ''$10,000.''.
(d) Catch-Up Contributions.--Subparagraph (B) of section 414(v)(2)
of such Code is amended--
(1) in clause (i) by striking ''determined'' and all that
follows and inserting ''$5,000.'', and
(2) in clause (ii) by striking ''determined'' and all that
follows and inserting ''$2,500.''.
(e) Effective Date.--The amendments made by this section shall
apply to years beginning after December 31, 2002.

SEC. 4. SIMPLIFICATION AND UPDATING OF THE MINIMUM DISTRIBUTION RULES.

(a) Required Distributions.--
(1) Increase in age for required beginning date.--
Subparagraphs (C)(i)(I) and (C)(ii)(I) of section 401(a)(9) of
the Internal Revenue Code of 1986 are each amended by striking
''age 70/2'' and inserting ''the applicable age''.
(2) Applicable age.--Subparagraph (C) of section 401(a)(9)
of such Code is amended by inserting at the end the following
new clause:
''(v) Applicable age.--The applicable age
shall be determined in accordance with the
following table:

''Calendar year:
Applicable age is:
2003 and 2004.......................... 73
2005 and 2006.......................... 74
2007 and thereafter.................... 75.''
(3) Spouse beneficiaries.--Subclause (I) of section
401(a)(9)(B)(iv) is amended by striking ''age 70/2'' and
inserting ''the applicable age''.
(4) Actuarial adjustment of benefit under defined benefit
plan.--Clause (iii) of section 401(a)(9)(C) of such Code is
amended to read as follows:
''(iii) Actuarial adjustment.--
''(I) In general.--In the case of a
defined benefit plan, an employee's
accrued benefit shall be actuarially
increased to take into account the
period after the applicable date during
which the employee was not eligible to
receive any benefits under the plan.
''(II) Applicable date.--For
purposes of clause (I), the term
'applicable date' means the April 1st
following the calendar year in which
the employee attains age 70/2\.''.
(b) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to years beginning after December 31, 2002.
(2) Transition.--A plan shall not be treated as failing to
meet the requirements of section 401(a)(9) of the Internal
Revenue Code of 1986 merely because, in years beginning after
December 31, 2002, no distribution is made to an employee
before the employee's required beginning date, as determined in
accordance with the amendments made by this section.
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.