1. See Institute Memorandum to Pension Members No. 22-97 and Pension Operations Advisory Committee No. 15-97, dated June 2, 1997.
July 16, 1997
TO: PENSION MEMBERS No. 27-97
PENSION OPERATIONS ADVISORY COMMITTEE No. 21-97
RE: IRS PUBLISHES LISTING OF REQUIRED MODIFICATIONS FOR SIMPLES
______________________________________________________________________________
As you were previously informed, the Internal Revenue Service recently issued Revenue
Procedure 97-29, which provides guidance on SIMPLE IRAs including model amendment
language for prototype SIMPLE IRAs, guidance on obtaining opinion letters for prototype
SIMPLE IRAs, and various permissive amendment information.1 Last week, the IRS published
additional sample language for SIMPLE IRAs in a Listing of Required Modifications (LRMs).
The LRMs provide model language for SIMPLE IRA accounts, SIMPLE IRA annuities
and SIMPLE IRA plans. The LRMs include a sample general notification to eligible employees
and a sample salary reduction agreement. In addition, the LRMs provide sample amendment
language for non-SIMPLE IRAs regarding restrictions on accepting contributions under a
SIMPLE plan and on transfers and rollovers from a SIMPLE IRA.
We will keep you informed of developments.
Kathryn A. Ricard
Assistant Counsel - Pension
Attachment (in .pdf format)