mickeyd
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A major provision of the Economic Growth and Tax Relief Reconciliation Act of 2001 is the 50+ catch-up provision. The catch-up contribution provision provides that, effective for plan years starting on or after January 1, 2002, certain retirement plans such as 401(k) plans and IRAs may permit participants age 50 and over to make additional "catch-up" contributions. Since 2002, catch-up contribution amounts have been rising steadily. Most plans reached the full increase in 2006. For 2007 and thereafter, the catch-up amount will be indexed for inflation.
A major provision of the Economic Growth and Tax Relief Reconciliation Act of 2001 is the 50+ catch-up provision. The catch-up contribution provision provides that, effective for plan years starting on or after January 1, 2002, certain retirement plans such as 401(k) plans and IRAs may permit participants age 50 and over to make additional "catch-up" contributions. Since 2002, catch-up contribution amounts have been rising steadily. Most plans reached the full increase in 2006. For 2007 and thereafter, the catch-up amount will be indexed for inflation.