The EGTRRA was passed by Congress in 2001 and increased the employee annual contribution limit for 401(k)and other employer-sponsored retirement plans.

Question

Quizplus · Accepted Answer

The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) indeed increased the contribution limits for 401(k) and other employer-sponsored retirement plans, allowing employees to contribute more to their retirement savings.

The EGTRRA Was Passed by Congress in 2001 and Increased