Compliance August 6, 2003

Five States out of Step With EGTRRA

June 20, 2002 (PLANSPONSOR.com) - A handful of states still have not conformed to the retirement savings provisions of President Bush's Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
Reported by

According the American Benefits Council, the following states have yet to conform to EGTRRA:

  • Arkansas, where the state legislature does not convene until 2003. The Arkansas Department of Finance and Administration anticipates that the General Assembly will retroactively adopt these provisions early during the 2003 legislative session
  • Massachusetts, where Senator Robert O’Leary has introduced legislation, which would provide for full EGTRRA conformity. The bill will be brought to a public hearing before the Taxation Committee
  • North Carolina, where the General Assembly is expected to consider the conformity issue in the near future as legislators debate the budgetary impact of conformity
  • Wisconsin, where legislation bringing the state in line with the EGTRRA’s pension changes is currently tied up in a budget reform bill that is the subject of a legislative conference.
  • Hawaii, where Senate Bill 2824, which would conform the state’s income tax code to the Internal Revenue Code in existence as of December 31, 2001, was approved by the state’s legislature on May 2 and was sent to the governor on May 7.

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