The IRS recently posted updated IRA model form plan agreements for Traditional, Roth, and SIMPLE IRAs. These plan agreements include several important changes that have been made since the last time the IRS revised the model forms in 2002. Some of the key changes include the following:
- The Roth plan agreements have been revised to include the updated conversion eligibility requirements that were effective in 2010;
- The SIMPLE plan agreements have been revised to include the changes that were made in 2015 that allow SIMPLE IRAs to accept rollover contributions from eligible retirement plans after the two-year period has been met;
- The contribution limits have been updated through 2017; and
- The adjusted gross income limits on eligibilty to make an annual contribution to a Roth IRA have been updated through 2017.
The IRS has not released any formal guidance or timeframe on when the updated plan agreements must be used for a new plan establishment or whether existing IRAs must be amended to incorporate these changes. CSi will continue to monitor communications from the IRS to see if they provide any additional guidance on this issue.
Click the links below for the updated forms:
Form 5305- Traditional IRA Trust Account
Form 5305-A- Traditional IRA Custodial Account
Form 5305-R- Roth IRA Trust Account
Form 5305-RA- Roth IRA Custodian Account
Form 5305-S- SIMPLE IRA Trust Account
Form 5305-SA- SIMPLE IRA Custodial Account