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IRS Issues Guidance On IRA, SEP, SIMPLE IRA Documents
Washington, DC, January 4, 2002 - The Internal Revenue Service has issued Revenue Procedure 2002-10, which addresses the use of IRA, SEP, and SIMPLE IRA documents, including model documents issued by the IRS. The revenue procedure is intended to provide guidance in light of the changes made to IRAs and other retirement plans by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the pending proposed regulations on required minimum distributions (RMDs) from retirement plans.
With regard to the proposed RMD regulations issued in January 2001, the revenue procedure notes that final regulations are expected to be issued “in the near future.”