SECTION 5. TRANSITIONAL — Internal Revenue Bulletin 2002-4

FOR PROTOTYPE ADOPTERS

.01 IRAs . An individual and financial institution who establish a trust, custodial account or annuity contract as an IRA after 2001 using a document that has not received an EGTRRA opinion letter are deemed to have established an IRA using an EGTRRA-approved document provided the conditions in (1) through (4) below are satisfied:

(1) The individual and financial institution used a document provided by a prototype sponsor to establish the “IRA.”

(2) No later than December 31, 2002, the prototype sponsor applies to the Service for an opinion letter on the document described in section 5.01(1).

(3) The individual and financial institution adopt the approved document within 180 days after the date the Service issues a favorable opinion letter on the document to the prototype sponsor.

(4) The individual and financial institution comply in operation with applicable statutory requirements for the period beginning on the date the “IRA” was established under the original document through the date the Serviceapproved document is adopted.

.02 SEPs and SIMPLE IRA plans . An employer who establishes a plan as a SEP or SIMPLE IRA plan after 2001 using a document that has not received an EGTRRA opinion letter is deemed to have established such a plan using an EGTRRA-approved document provided the conditions in (1) through (4) below are satisfied:

(1) The employer used a document provided by a prototype sponsor to establish the “SEP” or “SIMPLE IRA plan.”

(2) No later than December 31, 2002, the prototype sponsor applies to the Service for an opinion letter on the document described in section 5.02(1).

(3) Within 180 days after the Service issues a favorable opinion letter on the document to the prototype sponsor, the employer adopts the approved document.

(4) The employer complies in operation with applicable statutory requirements for the period beginning on the date the “SEP” or “SIMPLE IRA plan” was established under the original document through the date the Serviceapproved document is adopted.

and; (2) the prototype sponsor resubmits the document, as amended to comply with changes required by the state insurance department, to the Service within 90 days after it is approved by such state insurance department.