About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Pension Reform: The Economic Growth and Tax Relief Reconciliation Act of 2001. Date: January 28, 2003 1 (January 28, 2003)

handle is hein.tera/crstax0432 and id is 1 raw text is: Order Code RS20629 Updated January 28, 2003 Pension Reform: The Economic Growth and Tax Relief Reconciliation Act of 2001 Patrick Purcell Specialist in Social Legislation Domestic Social Policy Division Summary On June 7,2001 the President signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16). Title VI of this law deals with pension plans and retirement savings accounts. P.L. 107-16 increases the maximum annual contribution to an individual retirement account (IRA) from $2,000 per individual to $5,000. It also increases the annual contribution limits on §401(k) plans, §403(b) annuities, and §457 deferred compensation plans for employees of state and local governments. Other measures are intended to encourage employers to offer pensions, increase participation by eligible employees, raise limits on benefits, improve asset portability, strengthen legal protections for plan participants, and reduce regulatory burdens on plan sponsors. The provisions of the law that reduce federal tax revenue are scheduled to sunset after 10 years. Individual Retirement Accounts. Prior to enactment of EGTRRA, the annual contribution limit for individual retirement accounts (IRAs) had not been changed since Congress set the limit at $2,000 in 1981. EGTRRA increases the annual limit on IRA contributions according to the following schedule: Maximum Year Contribution 2002 $3,000 2003 $3,000 2004 $3,000 2005 $4,000 2006 $4,000 2007 $4,000 2008 $5,000 Congressional Research Service A+ The Library of Congress CRS Report for Congress Received through the CRS Web

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most