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EGTRRA-- Economic Growth and Tax Relief Reconciliation Act.
Basically, this act was passed to allow individuals to put money on the side, as well as to increase the limit that base benefit off. It lowered taxes and simplified retirement and qualified plan rules such as 401k and 403b.
What else can I help you with?
What year did roth contributions start in 401k?
Roth contributions were introduced in 401(k) plans with the passage of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) in 2001. However, the option for employees to make Roth contributions to their 401(k) plans became effective in 2006, when the IRS issued regulations allowing this feature.
What year did catchup over 50 start in 401K plans?
Catch-up contributions for 401(k) plans for individuals age 50 and over were introduced in 2002 as part of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). This allowed older individuals to contribute additional funds to their retirement savings accounts to help boost their nest egg before retirement.
