May 17, 1990
TO: PENSION MEMBERS NO. 24-90
RE: REVISED FORM 5306 FOR PROTOTYPE IRA SPONSORS
__________________________________________________________
Attached is a copy of Form 5306, Application for Approval
of Prototype or Employer Sponsored Individual Retirement Account
(Under Section 408(a), (b) or (c) of the Internal Revenue Code)
which is revised as of June 1990. The form is used by
organizations who want IRS approval of their prototype IRAs.
The revised form is similar to the prior version except for
item number 8 which requires the prototype IRA sponsor to attach
to the application either (1) a copy of the disclosure statement
to be used to inform participants of the restrictions and
limitations imposed by law on IRAs. or (2) a certification that
each participant will be furnished with a copy of IRS Publication
590. (See Institute Memorandum to Pension Members No. 13-89,
dated February 21, 1989.)
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachment