Form 5305-S (Rev. 4-2017)
lifetime table in Regulations section 1.401(a)(9)-9. However, if the participant’s designated beneficiary is his or her surviving spouse, the required
minimum distribution for a year shall not be more than the participant’s account value at the close of business on December 31 of the preceding
year divided by the number in the joint and last survivor table in Regulations section 1.401(a)(9)-9. The required minimum distribution for a year
under this paragraph (a) is determined using the participant’s (or, if applicable, the participant and spouse’s) attained age (or ages) in the year.
(b) The required minimum distribution under paragraphs 3(a) and 3(b)(i) for a year, beginning with the year following the year of the
participant’s death (or the year the participant would have reached age 70
, if applicable under paragraph 3(b)(i)) is the account value at the
close of business on December 31 of the preceding year divided by the life expectancy (in the single life table in Regulations section
1.401(a)(9)-9) of the individual specified in such paragraphs 3(a) and 3(b)(i).
(c) The required minimum distribution for the year the participant reaches age 70
can be made as late as April 1 of the following year. The
required minimum distribution for any other year must be made by the end of such year.
6. The owner of two or more IRAs (other than Roth IRAs) may satisfy the minimum distribution requirements described above by taking from
one IRA the amount required to satisfy the requirement for another in accordance with the regulations under section 408(a)(6).
1. The participant agrees to provide the trustee with all information necessary to prepare any reports required by sections 408(i) and 408(l)(2)
and Regulations sections 1.408-5 and 1.408-6.
2. The trustee agrees to submit to the Internal Revenue Service (IRS) and participant the reports prescribed by the IRS.
3. The trustee also agrees to provide the participant’s employer the summary description described in section 408(l)(2) unless this SIMPLE IRA
is a transfer SIMPLE IRA.
Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through III and this sentence will be
controlling. Any additional articles inconsistent with sections 408(a) and 408(p) and the related regulations will be invalid.
This agreement will be amended as necessary to comply with the provisions of the Code and the related regulations. Other amendments may
be made with the consent of the persons whose signatures appear below.
Article VIII may be used for any additional provisions. If no other provisions will be added, draw a line through this space. If provisions are
added, they must comply with applicable requirements of state law and the Internal Revenue Code and may not imply that they have been reviewed or
pre-approved by the IRS.
(If an individual other than the participant signs this form for the participant, indicate the individual’s relationship to the participant.)
(Use only if signature of the participant or the trustee is required to be witnessed.)
Contributions to Individual Retirement
Arrangements (IRAs); Pub. 590-B,
Section references are to the Internal
Article IV. Distributions made under this
Distributions from Individual Retirement
Revenue Code unless otherwise noted.
article may be made in a single sum, periodic
Arrangements (IRAs); and Pub 560,
payment, or a combination of both. The
Retirement Plans for Small Business (SEP,
Purpose of Form
distribution option should be reviewed in the
SIMPLE, and Qualified Plans).
Form 5305-S is a model trust account
year the participant reaches age 70
agreement that meets the requirements of
ensure that the requirements of section
sections 408(a) and 408(p). However, only
408(a)(6) have been met.
Participant. The participant is the person
Articles I through VII have been reviewed by
who establishes the trust account.
Article VIII. Article VIII and any that follow it
the IRS. A SIMPLE individual retirement
may incorporate additional provisions that are
Trustee. The trustee must be a bank or
account (SIMPLE IRA) is established after the
agreed to by the participant and trustee to
savings and loan association, as defined in
form is fully executed by both the individual
complete the agreement. They may include,
section 408(n), or any person who has the
(participant) and the trustee. This account
for example, definitions, investment powers,
approval of the IRS to act as trustee.
must be created in the United States for the
voting rights, exculpatory provisions,
Transfer SIMPLE IRA
exclusive benefit of the participant and his or
amendment and termination, removal of the
trustee, trustee’s fees, state law
This SIMPLE IRA is a “transfer SIMPLE IRA”
Do not file Form 5305-S with the IRS.
requirements, beginning date of distributions,
if it is not the original recipient of
Instead, keep it with your records.
accepting only cash, treatment of excess
contributions under any SIMPLE IRA plan.
contributions, prohibited transactions with the
The summary description requirements of
For more information on SIMPLE IRAs,
participant, etc. Attach additional pages if
section 408(l)(2) do not apply to transfer
including the required disclosures the trustee
must give the participant, see Pub. 590-A,