SIMPLE IRA prototype - can we use documents while waiting for IRS fili

[Guest amfam2]

We filed our SIMPLE IRA prototype with the IRS and are waiting for the results of their review.

Can we use the prototype documents for new business while we are waiting, or must we use old documents until approval is finalized?

Also - in regards to the Disclosure Agreement - I was informed that in the IRS' review, they do not comment on the Dislcosure Agreement. They only comment on the prototype itself. Thus, if we are required to wait until we receive approval on the prototype before implementing it for new business, does this principle apply to the Disclosure Agreement as well?

(In framing my question, I have made the assumption that "IRA prototype documents" do not include Disclosure Agreements as part of the whole document. Please feel free to correct me if this understanding is incorrect.)

[Gary Lesser]

Prototype Roth IRA Transitional Relief. An individual and a sponsoring financial organization that establish a prototype Roth IRA after 2001 using a document that has not received an EGTRRA opinion letter will be deemed to have established an EGTRRA-approved document if all of the following conditions are satisfied:

1. The individual and the sponsoring financial organization used a document provided by a prototype sponsor to sponsor the Roth IRA.

2. The prototype sponsor applies to the IRS for an opinion letter no later than December 31, 2002.

3. The individual and the sponsoring financial organization adopt the approved document within 180 days after the date the IRS issues a favorable opinion letter.

4. The individual and the sponsoring financial organization comply in operation at all times with applicable statutory requirements.

[Rev Proc 2002-10, §_5.01, 2002-4 IRB 1]