New Individual And Employee Contribution Limits

Economic Growth & Tax Relief Reconciliation Act of 2001 (H.R. 1836)

Written and edited by Harry Rubins for his clients and friends.
Not intended as legal or tax advice.
Obtain professional advice before taking action on this information.

New IRA/Retirement Plan Rules For Transfers And Rollovers 2002

• 457 plans for city & state employees can now be transferred or rolled over tax deferred to any other retirement account. Previously all distributions from a 457 plan were taxable and could not be rolled over to an IRA.
   
• 401(k), 403(b) and profit sharing plans can now accept transfers from any other retirement plan (IRA, 457, 403(b), SEP) which previously were not allowed.