Unemployment Extension Act of 2002

Unemployment Extension Act of 2002 - Amends the Temporary Extended Unemployment Compensation Act of 2002 (which is title II of the Job Creation and Worker Assistance Act of 2002, PL107-147) to extend temporary extended unemployment compensation (TEUC) program agreements through weeks of unemployment ending before June 30, 2003 (currently January 1, 2003).

Revises the formula for determining the amount in an eligible individual's TEUC account. Sets such amount at the lesser of: (1) the total (currently half of the total) amount of regular compensation, including dependents' allowances, payable to the individual during the individual's benefit year; or (2) 26 (currently 13) times the individual's average weekly benefit amount for the benefit year. Augments an individual's account by half (currently all) of the amount originally established in that account if it is exhausted at the time a State is in an extended benefit period.