EGTRRA (Economic Growth and Tax Relief Reconciliation Act of 2001 )

Definition

Act signed into law by President George W. Bush on June 7, 2001, which made extensive changes to retirement plans. Changes made by EGTRRA include the following:

  • Increasing contribution limits for IRAs
  • Increasing the deduction limit for profit sharing plan contributions
  • Relaxing the portability rules for retirement plans
  • Increasing the salary deferral contribution limits to employer sponsored plans

Referring Cite

Public Law. L. No. 107-16, 115 Stat. 38

Additional Helpful Information

  • Plans are required to be amended in order to operate under the changes made by EGTRRA
  • Some provisions of EGTRRA are set to sunset after 2010