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February 20, 2009

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

Your Guide

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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

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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