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Transamerica Says Its Customers Are Using EGTRRA

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NU Online News Service, April 11, 4:08 p.m. – Transamerica Retirement Services, Los Angeles, reports the employers that buy its retirement plan services are already starting to use the new, higher contribution limits included in the Economic Growth and Tax Relief Reconciliation Act of 2001.

So far, 1,200 employers have returned signed plan EGTRRA amendments to Transamerica this year, the company says.

Some experts have wondered how quickly employers would build the new EGTRRA limits into their retirement savings plans, but 95% of the employers returning EGTRRA amendments have adopted EGTRRA provisions that make plan assets more portable; 91% have adopted special, higher, “catch up” deferral limits for workers over age 49; and 71% have increased deferral limits for all workers, Transamerica says.

Transamerica, a unit of AEGON N.V., The Hague, Netherlands, has posted a summary of EGTRRA at