The Economic Growth and Tax Relief Act (EGTRRA) of 2001 was an overhaul of the U.S. tax system that made significant changes in several areas of the U.S. Internal Revenue Code, including income tax rates, estate and gift tax exclusions, and retirement plan rules. In general the act lowered tax rates and simplified retirement plan rules for individual retirement accounts, 401(k) plans, 403(b), and pension plans.