IRS provides guidance for SIMPLE IRAs

Article Abstract:

IRS Rev. Proc. 97-29 establishes methods for creating SIMPLE individual retirement accounts (IRAs) and provides relief for employers that already established SIMPLE IRAs without using approved documents. SIMPLE IRA provisions were included in the Small Business Job Protection ACt of 1996. The Procedure details how to amend existing non-SIMPLE IRAs to create SIMPLE IRAs and provides model language. It also makes language for other amendments available and identifies how to apply for IRS opinion letters.

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DOL amends plan asset regulations to accommodate small employers adopting SIMPLE IRAs

Article Abstract:

The US Department of Labor has issued a proposed amendment to its regulations governing the time period in which an employer must transmit funds contributed to SIMPLE individual retirement accounts (IRAs). The time period will be extended to 30 days after the end of the month for which the contributions were made. The time period had been 15 days after the end of the month for SIMPLE IRAs and will continue to be 15 days for all other qualified plans.

Pension funds

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Class PTE issued for receipt of certain investment services by individuals maintaining IRAs, SEPs, Keoghs or SIMPLE plans

Article Abstract:

Department of Labor PTE 97-11 offers a prohibited transaction class exemption so that plan participants can receive qualifying services from broker-dealers that are registered under the Securities Exchange Act of 1934. The revision exempts qualifying services from triggering a violation of section 406 of the Employee Retirement Income Security Act. PTE 97-11 identifies the requirements imposed on the plan, the services and the service arrangement.

Investment advice, Investment Advisory Services, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Pensions, Investment advisers, Keogh plans

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