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Pension Reform: The Economic Growth and Tax Relief Reconciliation Act of 2001, Date: June 18, 2002 1 (June 18, 2002)

handle is hein.tera/crstax0431 and id is 1 raw text is: Order Code RS20629 Updated June 18, 2002 CRS Report for Congress Received through the CRS Web Pension Reform: The Economic Growth and Tax Relief Reconciliation Act of 2001 Patrick Purcell Specialist in Social Legislation Domestic Social Policy Division Summary On May 26, 2001, both the House of Representatives and the Senate agreed to the conference report on H.R. 1836, the Economic Growth and Tax Relief Reconciliation Act of 2001. Title VI of the bill deals with pension plans and retirement savings accounts. It contains many provisions similar to those that were included in H.R. 10, the Comprehensive Retirement Security and Pension Reform Act of2001 and in S. 742, the Retirement Security and Savings Act of 2001. H.R. 1836 will increase the maximum annual contribution to an individual retirement account (IRA) from $2,000 per individual to $5,000. It also will increase 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 H.R. 1836 that reduce federal tax revenue are scheduled to sunset after 10 years. In June 2002, the House is expected to consider H.R. 4931 that would repeal the sunset. Individual Retirement Accounts. The annual contribution limit for individual retirement accounts (IRAs) has not been changed since Congress established the current limit of $2,000 in 1981. H.R. 1836 will increase the annual limit on IRA contributions according to the following schedule: Congressional Research Service + The Library of Congress

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