Impact of EGTRRA

[Guest johnk4]

Does anyone have a summary of the impact of each provision of EGTRRA on DC plan administration? For instance the catch-up contribution provision will impact the Admin system, enrollment forms, etc.

[stephen]

There have been lots of great links from BenefitsLink to summaries of EGTRRA. I would suggest you do a search from the home page and go from there.

Regarding some of the specifics such as how the catch up provision will affect testing, who's eligible, enrollment, etc we are waiting for additional guidance from the IRS.

[Guest Jim Kais]

Check with your Recordkeeping System vendor (I am assuming that you are a practitioner). They may have to supply you with system's patches to accommodate the new provisions contained within EGTRRA (portability of rollovers, H/S Suspension reporting come to mind immediately). Most of what you will find on the web deals with a comparison of the prior law to the new law. If their is an impact blurb, it will be brief and not directed towards administration and system's challenges. If you are a plan sponsor, check with your payroll service. If you recordkeep and administer payroll internally, you may want to consider a consultant.

Good luck. I'd be interested in finding a document with more of an admin/systems slant as well.