November 4, 2009 – The IRS this week has indirectly announced that it intends to release updated model forms for IRAs and IRA-based savings arrangements. It has posted at its website tentative dates for the release of a number of revised model forms for IRAs and IRA-based savings arrangements. On the IRS list is the model IRA plan agreements for Traditional IRAs, Roth IRAs, and SIMPLE IRAs, and the model employer-level documents for SEP and SIMPLE IRA retirement plans. The tentative release dates range from January 2010 through September 2011. Updated Traditional and Roth IRA forms have projected release dates ranging from January through April of 2010.
The IRS has not required amending of IRA plan agreement and employer-level SEP and SIMPLE documents since 2002, following the release of updated model documents. The updated documents at that time contained many changes required by final required minimum distribution regulations and the Economic Growth and Tax Relief Reconciliation Act of 2001. There have been various law changes since then that the industry has addressed in disclosure statement amendments.
IRS projected release dates are not always met. Ascensus officials are in communication with the IRS to confirm the likelihood of the anticipated dates, how the industry should respond, and within what time frame amendments could be required. Watch this Ascensus Latest News website for more information as it becomes available.