• IRS Updates Model Language for Traditional, Roth, and SIMPLE IRAs
  • July 21, 2010 | Authors: Daniel M. Buchner; Adam B. Cohen; Alice Murtos; Joanna G. Myers
  • Law Firms: Sutherland Asbill & Brennan LLP - Washington Office ; Sutherland Asbill & Brennan LLP - Atlanta Office ; Sutherland Asbill & Brennan LLP - Washington Office
  • On June 16, 2010, the Internal Revenue Service (IRS) updated its Listings of Required Modification (LRMs) for Traditional IRAs, Roth IRAs, and SIMPLE IRAs. The IRS provides the LRMs as model language to assist sponsors in drafting IRA trust and custodial agreements and annuity contract endorsements. Though slightly revised in 2007 to reflect changes under the Pension Protection Act of 2006 (PPA), the LRMs have remained largely the same since the last substantial update in 2002 for the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).