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Expedited Review Procedure for Economic Growth and Tax Relief Reconciliation Act of 2001 Filings

The Economic Growth and Tax Relief Reconciliation Act of 2001 has made changes to certain types of retirement arrangements including, but not limited to, individual retirement annuities (IRA), Section 401(k) plans, Section 403(b) plans and Section 457 plans. The most significant changes include increasing the maximum limit on benefits and contributions and making rollovers easier among IRAs and qualified plans.

The Life Bureau, in anticipation of the submission of previously approved policy forms that are being amended solely for EGTRRA purposes, is offering an expedited approval process as follows:

  1. The "Re" or the caption of the submission letter must be in compliance with Circular Letter No. 8 (1999). In addition, the "Re" or the caption must identify the submission as an Economic Growth and Tax Relief Reconciliation Act of 2001 or EGTRRA filing.
  2. The submission letter must identify the previously approved policy form by form number and approval date.
  3. The new form being submitted must have a distinguishing form identification number. The use of "REV" or a date e.g. 1/02 after the form number would be acceptable.
  4. The changes being made to the previously approved policy form must be highlighted or explained in the submission letter.
  5. A certification from a duly authorized officer of the company that no other changes have been made to the previously approved form(s) and the only change(s) being made are for the purposes of compliance with EGTRRA must be submitted.

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