1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20629Updated January 28, 2003Pension Reform: The Economic Growth andTax Relief Reconciliation Act of 2001 name redactedSpecialist in Social LegislationDomestic Social Policy Division
2、SummaryOn June 7, 2001 the President signed into law the Economic Growth and Tax ReliefReconciliation Act of 2001 (EGTRRA, P.L. 107-16). Title VI of this law deals withpension plans and retirement savings accounts. P.L. 107-16 increases the maximumannual contribution to an individual retirement acco
3、unt (IRA) from $2,000 perindividual 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 andlocal governments. Other measures are intended to encourage employers to offerpensions, increase participati
4、on by eligible employees, raise limits on benefits, improveasset portability, strengthen legal protections for plan participants, and reduce regulatoryburdens on plan sponsors. The provisions of the law that reduce federal tax revenue arescheduled to sunset after 10 years. Individual Retirement Acco
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