Authority of Sponsor. As sponsor, Folio has the authority to remove and appoint a new custodian of your SIMPLE IRA upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your SIMPLE IRA in any respect and at any time consistent with the existing terms of this SIMPLE IRA Custodial Account Agreement. IRS FORM 5305-SA INSTRUCTIONS (Rev. 3-2002) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-SA is a model custodial account agreement that meets the requirements of sections 408(a) and 408(p) and has been pre-approved 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. Do not file Form 5305-SA with the IRS. Instead, keep it with your records. For more information on SIMPLE IRAs, including the required disclosures the custodian must give the participant, see Pub. 590, Individual Retirement Arrangements (IRAs).
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
