Save time with our cheat sheets, fact sheets, checklists & books!

February 20, 2009

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

Print

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.
More

Keep Learning

Applicable RMD Age

Applicable RMD Age The first year for which an IRA owner or plan participant must begin to take RMDs from their tax-deferred retirement account. RMDs

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Be among the first to know when

IRA Rules
Change