SECTION 2. BACKGROUND AND

GENERAL INFORMATION

.01 Rev. Proc. 87–50, 1987–2 C.B. 647, as modified by Rev. Proc. 97–29, 1997–1 C.B. 698, and Rev. Proc. 98–59, 1998–2 C.B. 727, provides the procedures for a sponsoring organization or a mass submitter (a “prototype sponsor”) to apply to the Service for an opinion letter on whether a prototype traditional, SIMPLE or Roth IRA meets the requirements of Internal Revenue Code § 408(a) or (b), § 408(p) or § 408A, respectively. Rev. Proc. 87–50 also contains procedures for employers and employee associations to apply for a ruling on a § 408(c) IRA.

.02 Rev. Proc. 2002–10, 2002–1 C.B. 401, provided guidance on updating IRAs for new regulations on required minimum distributions and for changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), Pub. L. 107–16.

.03 Ann. 2007–55, 2007–1 C.B. 1384, provided guidance to sponsors of prototype Roth IRAs who wished to amend their documents to accept rollovers from designated Roth accounts described in § 402A.

.04 Notice 2009–82, 2009–41 I.R.B. 491, provides that IRAs do not have to be amended for new § 401(a)(9)(H) pending the issuance of further guidance.

.05 Model forms are available for taxpayers who want to use a pre-approved document to establish an IRA without using a prototype document. The model IRA forms are: Form 5305, Traditional Indi- vidual Retirement Trust Account ; Form 5305–A, Traditional Individual Retire- ment Custodial Account ; Form 5305–R, Roth Individual Retirement Trust Account ; Form 5305–RA, Roth Individual Retire- ment Custodial Account ; Form 5305–RB, Roth Individual Retirement Annuity En- dorsement ; Form 5305–S, SIMPLE In- dividual Retirement Trust Account ; and Form 5305–SA, SIMPLE Individual Re- tirement Custodial Account . Also, two

2010–50 I.R.B. 828 December 13, 2010

(15) Section 108(d), (e) and (f) of the Worker, Retiree, and Employer Recovery Act of 2008 (“WRERA”), Pub. L. 110–458, made technical corrections to PPA §§ 824, 827 and 829, respectively. Section 2.06(4), (5) and (6) of this revenue procedure reflects these PPA sections as amended by WRERA.

(16) Section 125 of WRERA provided that certain bankruptcy payments made in settlement of claims against airline carriers are treated as qualified rollover contributions within the meaning of Code § 408A(e) and thus can be contributed to Roth IRAs, effective for contributions made after December 23, 2008, with respect to payments made any time.

(17) Section 201 of WRERA provided that required minimum distributions from IRAs are not required for 2009.

.07 Rev. Proc. 2010–8, 2010–1 I.R.B. 234, lists the user fees for opinion letters on prototype IRAs.