Common use of Summary Description Requirements Clause in Contracts

Summary Description Requirements. Notwithstanding Article V above, we will be deemed to have satisfied our summary description reporting requirements under Internal Revenue Code (IRC) Section 408(l)(2) if either a. we provide a summary description directly to you, or b. we provide our name, address and withdrawal procedures to you, and your employer provides you with all other required information. Form 5305-SA is a model custodial account agreement that meets the requirements of sections 408(a) and 408(p). However, only Articles I through VII have been reviewed by the IRS. A SIMPLE individual retirement account (SIMPLE IRA) is established after the form is fully executed by both the individual (participant) and the custodian. This account must be created in the United States for the exclusive benefit of the participant and his or her beneficiaries. For more information on SIMPLE IRAs, including the required disclosures the custodian must give the participant, see Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs); Pub. 590-B, Distributions from Traditional Individual Retirement Arrangements (IRAs); and Pub. 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans).