May 27, 1992
TO: PENSION MEMBERS NO. 10-92
RE: IRS ANNOUNCES DEADLINE FOR AMENDMENT OF IRAs
__________________________________________________________
Attached is a copy of Revenue Procedure 92-38, which
provides notice that individual retirement arrangement trusts and
custodial account agreements must be amended to provide for the
minimum required distribution rules in section 408(a)(6) of the
Code. The revenue procedure does not apply to sponsors of
prototype IRAs that received opinion letters dated after January
31, 1990.
An IRA prototype sponsor may continue reliance on a
previously issued opinion letter either by adopting model
language set forth in the revenue procedure by May 18, 1993, or
by submitting individually drafted amendments to the IRS by that
date. IRAs that were established by executing Form 5305 or 5305A
must continue to operate in compliance with section 408(a)(6)
until the IRS issues revisions to these forms.
We will keep you informed of further developments.
Kathy D. Ireland
Associate Counsel - Pension
Attachment