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February 20, 2009

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

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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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Saver’s Credit

Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

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