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

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

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