The Internal Revenue Service (IRS) has issued a List of Required Modifications (LRMs) and Information Package for use with prototype SIMPLE IRAs intending to satisfy the requirements of Internal Revenue Code Section 408(p) and Section 408(a) or (b).
The information package contains samples of provisions that have been found to satisfy certain specific requirements of the Internal Revenue Code as amended through the Protecting Americans From Tax Hikes Act of 2015 (PATH). The IRS notes that such language may or may not be acceptable in specific IRAs, depending on the context.
It has prepared the package to assist plan sponsors who are drafting IRAs. To expedite the review process, sponsors are encouraged to use the language contained in the package.