Social Security Plus Account (SSPA) Act of 2002

Summary

Social Security Plus (SSPA) Account Act of 2002 - Amends the Internal Revenue Code to permit a tax credit for an eligible individual equal to 20 percent of any eligible contributions made to a Social Security Plus Account plus a matching Federal Government contribution. Sets forth the applicable percentages at which the Federal Government will match eligible contributions for various income levels. Classifies the matching contribution as an overpayment of tax which may only be transferred to an SSPA. Specifies minimum and maximum eligible contribution amounts for various income levels, along with a cost-of-living adjustment for the latter figure. Prohibits contributions to an SSPA on behalf of any individual over 70 and 1/2 years of age. Prohibits any deduction for retirement savings with respect to an eligible contribution or a matching contribution to an SSPA. Allows qualified rollover contributions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 June 2002

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 June 2002

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• Introduced in Senate

  summary · EN · 27 June 2002

  Open at official source

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