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
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.