Form 5306 - Application For Approval Of Prototype Or Employer Sponsored Individual Retirement Arrangement (Ira) Page 2

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Form 5306 (Rev. 9-2010)

Page

Plan Information

Part II

Attach a copy of the plan documents and indicate the article or section reference and the page number

Article or

For IRS

Page

where the following provisions appear. If an item does not apply, enter “N/A.” Sample language, or a listing

Section

Use

of required modifications (LRMs), is available on the IRS website at IRS.gov. Type “LRM” in the search box.

Number

Only

Reference

Sponsors are encouraged to use LRM language.

8 a Does the IRA provide that the trust is created for the exclusive benefit of the participant

or his or her beneficiaries, or that the annuity contract must be owned only by the

annuitant?

1/13

b Does the IRA describe the type of allowable contributions (that is, only cash except

for rollovers) and maximum limitation?

2/14

c Does the IRA prohibit the investment of trust assets in collectibles, or contain a

statement informing individuals that an investment in collectibles, except for

investments in certain coins and precious metals, will be treated as a taxable

distribution? .

d Does the IRA prohibit investment in life insurance contracts? .

e Does the IRA provide the rules on required distributions commencing before death? .

5/15

Does the IRA provide the rules on required distributions commencing after death?

6/16

g Does the IRA provide that the account is nonforfeitable?

7/17

h Does the IRA provide that the contract is nontransferable?

Does the IRA provide for application of premium refund (other than refunds attributable

to excess contributions) before the end of the calendar year following the year of the

refund toward the payment of future premiums or the purchase of additional benefits?

Does the IRA prohibit commingling assets of trusts?

k Does the IRA provide that annuity contracts must have flexible premiums? .

Does the IRA provide for a separate accounting for the interest of each employee or

member of the association? .

m Does the IRA provide for annual calendar-year reports by trustees or issuers? .

10/21

n Does the IRA require substitution of non-bank trustee or custodian when notified by

the Commissioner of the Internal Revenue Service? .

o Does the IRA define compensation? .

12/22

General Instructions

Rulings under section 408(c).

Address. Include the suite, room, or

Employers or employee associations

other unit number after the street

Section references are to the Internal

who want a ruling under section 408(c)

number. If the Post Office does not

Revenue Code.

for a trust which will be used for

deliver mail to the street address and

you have a P.O. box, show the box

individual retirement accounts may file

Purpose of form. Sponsoring

this form. The term “employee

number instead of the street address.

organizations, employers, or employee

association” means any organization

associations, use Form 5306 to request

Signature. An officer who is authorized

composed of two or more employees,

a ruling as to:

to sign or another person authorized

including, but not limited to, an

under a power of attorney must sign this

• Whether a trust or custodial account

employee association described in

application. Send the power of attorney

agreement meets the requirements of

section 501(c)(4).

with this application when you file it.

section 408(a), 408(c), 408(p), or 408A,

Who does not need to file. Sponsors of

Specific Instructions

programs that use any of the Form 5305

• Whether an individual annuity meets

series of model forms should not submit

the requirements of section 408(b),

User fee. All applications must be

their programs to the Internal Revenue

408(p), or 408A.

accompanied by the appropriate user

Service. These model forms, issued by

fee. Applications submitted without the

the Service, contain language that, if

Who May File

proper user fee will not be processed

followed, will satisfy the applicable

and will be returned to the applicant.

statutory requirements.

Opinion letters on prototype IRAs.

To find the proper user fee, see Rev.

Form 5306 may be filed by a sponsoring

What to file. File Form 5306 and a copy

Proc. 2010-8, 2010-1 I.R.B. 234

organization that is:

of the trust, custodial account, or

available at

annuity contract and all other applicable

• A bank (including savings and loan

irb10-01.pdf or the current superseding

documents. If you are requesting an

associations that qualify as banks and

revenue procedure.

opinion letter for an annuity where all the

federally insured credit unions),

Internal Revenue Code requirements are

Line 2c. If you are amending your plan,

• Any person who has IRS approval to

set forth in a separate endorsement that

enter the file folder number, letter serial

act as a trustee or custodian,

supersedes any conflicting language in

number, and date from the latest opinion

• An insurance company,

any contract to which it may be

letter you received for your plan.

attached, submit the endorsement and

• A regulated investment company, or

Line 7c. Identify the endorsement,

not the contract.

contract, or both for which you are

• A trade or professional society or

Where to file. File Form 5306 with the

requesting an opinion letter.

association (other than employee

Internal Revenue Service, Attention: EP

associations).

Opinion Letters, P.O. Box 27063,

McPherson Station, Washington, DC

20038.

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