IRA Prototype Service

Our IRA Prototype Service is a complete IRA Program. Using the IRS series Form 5305 simply is not adequate for the holding and administration of substantial cash or non-cash rollover IRA contributions nor for Roth IRA conversion assets. The Form 5305 is essentially an IRA qualification "shell" that affords an IRA sponsor a starting point for an IRA program.

Our Traditional IRA/Roth IRA Prototype Service accommodates, within a single IRA document:

  • Deductible or nondeductible contribution to a traditional IRA
  • Nondeductible contribution to a Roth IRA
  • Rollover from a qualified plan or from another IRA or a SEP-IRA

The IRA participant simply checks the box(es) on the one-page adoption agreement to designate the type of IRA desired. If the participant wishes to maintain both a traditional IRA and a Roth IRA, the participant would execute two one-page adoption agreements.

Additionally, our IRA Prototype Service features both a trust document option and a custodial document option. Also, it includes a comprehensive disclosure statement that satisfies the financial disclosure requirements under the final IRA regulations and includes ancillary forms.

The IRA Prototype must be sponsored by a bank or trust company, or it must qualify as a non-bank trustee. The IRS has a procedure whereby an institution may file and receive approval as a non-bank trustee. The typical non-bank trustee is a brokerage firm or mutual fund.

The cost is a one time fee of $1,495 to download the documents in Microsoft Word format.

Benefits

  • Simple to adopt and maintain
  • Save time and money on drafting your own
  • Complete IRA program
  • Reduced IRS user fees
  • More to our service than government prototype

IRA Prototype Service Includes:

  • IRA Custodial and Trust Agreements
  • IRA Traditional and Roth Disclosure Statements
  • Cumulative Index
  • Memorandum: IRS Submission Procedure
  • Forms 5306 and 2848
  • Procedure for Establishing an Individual Retirement Account
  • Adoption Agreement(s) for Custodial and Trust Agreements
  • Disclosure Statement (with Exhibits)
  • Notice of Revocation
  • Withdrawal Statement
  • Memorandum: Form 5305/5305-A
  • Direction of Investment - general
  • Direction of Investment - specific
  • Rollover Contribution
  • Retirement Election
  • Beneficiary Election
  • Participant's Death Payment Election
  • Participant's QTIP Election
  • Designation of Beneficiary
  • Instructions for Designating or Changing Beneficiary
  • Sample Letter to IRA Participant/IRA Beneficiary Minimum Distributions under Code §401(a)(9)
  • Consent of Spouse for Community Property State
  • Instructions for Designating or Changing Beneficial

Plan Approval - Submission Procedure
Although the IRA has IRS approval, each sponsor also will receive its own IRS opinion letter. As an identical adopter of the FIS IRA, the approval process is very simple. Pending issue of the opinion letter, the IRA prototype sponsor may use the IRA for clients. The IRS user fee is $1,000 per Agreement. The IRA service includes a complete step-by-step procedure and forms to take advantage of our mass submitter status.

No Annual Maintenance Fees
Prices listed on the Order Form reflect one time charges. There is no annual upkeep charge for the IRA/Roth IRA service nor is there a per-customer charge. If due to law changes, regulations or other official pronouncements, amendments or supplements of the IRA/Roth IRA is necessary, we will provide amendments or supplements with a cost reflecting the scope of that amendment or supplement.

Technical Assistance
For a period of six months after an initial purchase of the IRA Service, our consultants will, without charge, respond to telephone or written inquiries regarding the use of the IRA and its operation. We can also provide other technical assistance on a consulting fee basis.

Please contact our Client Services Department for questions at 800-326-7235, and select Option 6.



IRA Prototypes
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