Economic Growth and Tax Relief Reconciliation Act May Help You Save More for Retirement
- What is it?
- What has Changed?
- Quick Overview (PDF: 67KB)
- More Information
What is the Economic Growth and Tax Relief Reconciliation Act of 2001?
No doubt you've heard about the tax bill Congress passed and President Bush signed into law in June 2002. It's called the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The Act revised tax laws to strengthen and expand our nation's private retirement system as well as provide tax relief to individuals.
What has changed and how might it affect you?
The links below will outline many of the changes that are now in effect (unless otherwise noted). And, it will explain how the changes may help you reach your retirement goals faster.
- Increased contribution limits
- Increased portability
- Tax credit for low- and middle-income savers
- Catch-up contributions for workers over age 50
- Changes in hardship withdrawal rules
- Faster vesting for employer matching contributions
More Information
- If you're interested in opening an IRA, call us at 800.247.4123.
- If you're already participating in an employer-sponsored retirement plan, talk to your employer to find out how you can contribute more.
- If you aren't participating, contact your employer to find out how to join.
- If you don't have a plan available through your employer, contact them about starting one.
