Opinion ID: 767322
Heading Depth: 2
Heading Rank: 1

Heading: R.C. S 408 states:

Text: Individual retirement accounts. (a) Individual retirement account.--For purposes of this section, the term individual retirement account  means a trust created or organized in the United States for the exclu sive benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements: (1) Except in the case of a rollover contribution described in subsection (d)(3), in section 402(c), 403(a)(4) or 403(b)(8), no contribution will be accepted unless it is in cash, and contributions will not be accepted for the taxable year in excess of $2,000 on behalf of any individual. (2) The trustee is a bank (as defined in subsection (n)) or such other person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section. (3) No part of the trust funds will be invested in life insurance contracts. (4) The interest of an individual in the balance in his account is non-forfeitable. (5) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (6) Under regulations prescribed by the Secretary, rules similar to the rules of section 401(a)(9) and the incidental death benefit requirements of section 401(a) shall apply to the distribution of the entire interest of an individual for whose benefit the trust is maintained. (b) Individual retirement annuity.--For purposes of this sec tion, the term individual retirement annuity means an annuity contract, or an endowment contract (as determined under regula tions prescribed by the Secretary), issued by an insurance com pany which meets the following requirements: (1) The contract is not transferable by the owner. (2) Under the contract-- (A) the premiums are not fixed, (B) the annual premium on behalf of any individual will not exceed $2,000, and (C) any refund of premiums will be applied before the close of the calendar year following the year of the refund toward the payment of future premiums or the purchase of additional benefits. (3) Under regulations prescribed by the Secretary, rules similar to the rules of section 401(a)(9) and the incidental death benefit requirements of section 401(a) shall apply to the distribution of the entire interest of the owner. (4) The entire interest of the owner is nonforfeitable. Such term does not include such an annuity contract for any tax able year of the owner in which it is disqualified on the applica tion of subsection (e) or for any subsequent taxable year. For purposes of this subsection, no contract shall be treated as an endowment contract if it matures later than the taxable year in which the individual in whose name such contract is purchased attains age 70 1/2; if it is not for the exclusive benefit of the indi vidual in whose name it is purchased or his beneficiaries; or if the aggregate annual premiums under all such contracts purchased in the name of such individual for any taxable year exceed $2,000. 7 Declarant quotes a document apparently provided to Plan participants by the insurance company providing the policy (Defendant Great-West) which indicates that the Plan may be subject to some ERISA provisions. Declarant fails to assert or produce evidence that the Plan is subject to the provisions at issue here. 8 29 U.S.C. S 1132(g)(1) states: In any action under this subchapter by . . . a participant, benefi ciary, or fiduciary, the court in its discretion may allow a reason able attorney's fee and costs of the action to either party.