Site Logo Retirement Dictionary Financial Advice Retirement Advice

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

Get the cheatsheets!

February 20, 2009

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

Learn More

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

Correction Window for RMD Shortfall

RMD Correction window The correction window is the period during which a missed required minimum distribution (RMD) can be corrected in a way that may

Qualified Charitable Distribution (QCD)

Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches

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

Be among the first to know when

IRA Rules
Change