Town of Palm Beach Retirement System. Deferred Retirement Option Plan (DROP) Policies and Information for Participants

Transcription

1 Twn f Palm Beach Retirement System Deferred Retirement Optin Plan (DROP) Plicies and Infrmatin fr Participants

2 Twn f Palm Beach Retirement System Deferred Retirement Optin Plan (DROP) Plicies and Infrmatin fr Participants Adpted: May 15, 2015 Table f Cntents What is DROP?... 2 What are the eligibility requirements?... 2 Hw is the benefit calculated?... 3 Will the DROP balance receive a Cst f Living Adjustment (COLA)?... 3 What must I d t enter participatin in DROP?... 4 Are there limitatins r cnditins that restrict receipt f ther public benefits?... 4 Will emplyee cntributins t the retirement system be discntinued?... 4 Hw will the accumulated DROP balances be invested?... 4 Will the member receive DROP statements that identify the transactins?... 4 Hw d I take distributins frm my accumulated DROP mnies?... 5 Hw are ther emplyment benefits impacted?... 6 EXHIBIT A: EXAMPLE OF MONTHLY DROP ACCOUNT ACTIVITY AND EARNINGS CALCULATION... 7 Exhibit B: DROP Frms

3 What is DROP? The Deferred Retirement Optin Prgram (DROP) allws a vested member that is eligible fr nrmal retirement t effectively retire and remain emplyed by the Twn f Palm Beach. The member can chse t accumulate their retirement benefits by making depsits f mnthly retirement payments t the retirement fund while cntinuing t be emplyed by the Twn. The maximum time allwed fr DROP participatin is 60 mnths frm the date the member cmmences participatin with the DROP prgram. The DROP member is authrized t simultaneusly earn a salary while their mnthly retirement benefits are accumulated in the Pensin fund. Befre a member cmmences DROP participatin, a mnthly retirement benefit is calculated and the member is cnsidered retired. The calculatin f benefit is final, and the member will n lnger be eligible t earn additinal service credit thereafter. The member s mnthly retirement benefit will accumulate in the Twn s retirement fund while participating in DROP, earning tax-deferred incme while cntinuing emplyment fr the Twn. (Tax-deferred incme means that the member is able t defer payment f Federal Incme Taxes until the DROP benefits are distributed t member after terminatin f emplyment. Exceptin: Federal Incme Tax is deferred n DROP balance distributin if the member chses t rllver frm the Twn f Palm Beach fund t a qualified retirement plan). Once the DROP member terminates emplyment with the Twn, the member will begin receiving mnthly retirement benefits at the amunt previusly depsited as a mnthly DROP benefit, plus annual cst-f-living-adjustment (COLA) increases when eligible, but then subject t Federal Incme Tax withhlding. What are the eligibility requirements? The member must be eligible fr nrmal retirement in rder t elect participatin in DROP. An electin t participate in DROP must be made within 7 years f the date the member is first eligible fr nrmal retirement, and DROP participatin must be terminated within the shrter f 5 years f participatin r 120 mnths after date f nrmal retirement. 2

4 Nrmal Retirement Eligibility Plan A a) General: 30 r mre years f service, regardless f age; r age 55 with 10 r mre years f service b) Ocean Rescue: Age 50 with 10 r mre years f service. Or 10 r mre years f service and age plus credited service ttals 65 years r mre. c) Plice Officers and Firefighters: 20 r mre years f service, regardless f age; r, age 50 with 10 r mre years f service; r, at least 10 years f service and age plus credited service ttals 65 years r mre. d) Immediate vesting was granted t all emplyees wh n May 1, 2012, were active cntributing plan participants. Plan B Age 65 with 10 r mre years f service, including service prir t May 1, Pensin Amunt General and Ocean Rescue: 100% f member s accrued benefit at the date f electin t participate in DROP. Grandfathered General and Ocean Rescue emplyees: 98% f member s accrued benefit at the date f electin t participate in DROP Plice and Firefighters: 100% f the member s accrued benefit at the date f electin t participate in DROP. Hw is the benefit calculated? Since the member is cnsidered retired when entering DROP, the mnthly DROP benefit represents the final calculatin f the retirement benefit at the time the member elects t participate in DROP. Therefre, the average mnthly earnings, multiplier, and cntinuus credited service at the time f the electin t participate in the DROP represents the mnthly benefit that is depsited while emplyed and participating in DROP, and after terminatin f emplyment after participatin in DROP. The mnthly retirement benefits will include a cst f living adjustment (COLA) after 36 mnths f payment, whether during DROP r retirement after DROP. Will the DROP balance receive a Cst f Living Adjustment (COLA)? The retirement benefits that accumulate in DROP will be increased by an annual cst f living adjustment f 2% fr Plan A benefits n the 37 th mnth f the DROP payment and adjusted each year thereafter during DROP and retirement. 3

5 What must I d t enter participatin in DROP? A member electing t participate in the DROP must cmplete the prper DROP/Retirement frms requiring the selectin f a mnthly benefit ptin, and designatin f beneficiary. Like retirement, DROP participatin is irrevcable nce the first payment is made. Are there limitatins r cnditins that restrict receipt f ther public benefits? After cmmencement f DROP participatin, the member shall thereafter be prhibited frm becming a future cntributing member f the Retirement System, and shall n lnger be eligible fr disability r pre-retirement death benefits. Will emplyee cntributins t the retirement system be discntinued? The member s emplyee cntributins will be discntinued upn cmmencement f participatin in DROP. Hw will the accumulated DROP balances be invested? The member s DROP accunt is credited r debited based n a calculatin f net quarterly perfrmance applied ver a trailing five (5) years t the Retirement fund investment prtfli. The calculatin is perfrmed each quarter by the System s investment cnsultant. Net quarterly perfrmance is calculated by reducing the grss rate f quarterly return by brkerage cmmissins and fund transactin csts realized by the Retirement plan prtfli. This return is applied t the member s average daily DROP balance each quarter. Exhibit A demnstrates the calculatin f quarterly DROP earnings. Will the member receive DROP statements that identify the transactins? DROP members shall receive quarterly statements frm the System apprximately 45 days after the end f each quarter. This shuld prvide sufficient time fr fund valuatins and expenses t be cmpleted and prcessed fr calculatin f net quarterly perfrmance. The annual quarterly end dates are March 31, June 30, September 30, and December 31 fr each year. The member can access their mst recent statement and depsits t date at the internet link as fllws: The DROP participant must 4

6 enter the fllwing t access accunt infrmatin: (1) Retiree (DROP) identificatin number, (2) Date f Birth, and (3) Scial Security Number. Statements can als be viewed n the Twn s website under the Human Resurces Department/Retirement Benefits/Participant Access t DROP and Share Accunt Statements. Hw d I take distributins frm my accumulated DROP mnies? Upn terminatin f emplyment DROP participatin is discntinued and the retirement benefits will be paid t the member r survivr if member is deceased. Once participant terminates emplyment, the accumulated DROP balances will remain with the Retirement System s fund until a distributin is requested by the member. The member s balance shall be distributed based n the member s written request within 30 days f the retirement administratr s receipt f the cmpleted frm. All DROP distributins will be made based n the balance frm the mst recent quarterly statement at the time f the member s filing f the apprpriate frm with the retirement administratr. DROP statements will be prvided apprximately 45 days after the end f a quarter. This shuld prvide sufficient time fr valuatins t be cmpleted by the retirement system funds, and t prcess fr the quarterly perfrmance calculatin. Withdrawal ptins are as fllws: (1) Lump Sum. Yu may elect a distributin f yur accumulated balance, less withhlding f Federal Incme Taxes. (2) Direct rllver. Yu may elect t transfer yur accumulated balance tax deferred t an accunt held at an institutin that prvides an eligible retirement plan as defined in sectin 402(c) (8) (b) f the Internal Revenue Cde. (3) Partial lump sum distributin and rllver. Yu may elect a prtin f the accumulated balance paid t yu, less withhlding f Federal Incme Tax, and the remaining balance transferred t a qualified retirement plan tax deferred. (4) One-time Partial Distributin Optin An eligible member has a ne-time partial distributin electin prir t ttal distributin f the balance. The balance will remain in the retirement system fund. 5

7 If the member chses a ttal r partial lump-sum distributin frm their DROP Accunt, the lump-sum amunt will be subject t Federal Incme Tax in the year the payment is issued. Federal Law requires that the Twn withhld 20% f the amunt distributed. The member may we additinal Federal Incme Taxes based n their persnal tax liability. DROP balances will cntinue t receive the quarterly calculatin f investment perfrmance while balances remain in the retirement fund until member is terminated frm emplyment and reaches age 60. Hwever, nce a DROP participant has terminated Twn emplyment and reaches the age f 60, there will be n further net quarterly perfrmance credited. Finally, significant Federal Incme Tax penalties may apply t DROP participants wh reach age 70 and ½ and d nt take the minimum distributins required by Federal Law. Participants wh maintain DROP balances are urged t cnsult with a qualified tax advisr regarding this matter prir t reaching age 70 ½. Hw are ther emplyment benefits impacted? Other nn-retirement benefits are nt impacted by the member s participatin f DROP. Accumulated leave and RHS accunt distributins, when applicable, apply at separatin f service after terminatin f DROP participatin and accrding the Emplyee Persnnel Manual r ther applicable Twn plicy. Als, a member wh receives any DROP benefits fr the prtin f their pensin benefits earned n r after May 1, 2012, shall be an at-will emplyee fr the entire DROP perid. 6

8 EXHIBIT A: EXAMPLE OF MONTHLY DROP ACCOUNT ACTIVITY AND EARNINGS CALCULATION Assumptins: DROP Accunt Balance n January 1: $25,000 Mnthly depsit at end f each mnth: $2,000 (Last business day f the mnth) Net investment return fr the Quarter: 2.04% (Actual rate used is plan s 5 year trailing average return, net f fees) Calculatins: The quarterly earnings are calculated based n the average daily accunt balance fr the mnth. The Average Daily Balance: $25,000 + $2,000 depsit n January 31 st, February 28 th and March 31 st = ($25,000 x 30 days, $27,000 x 28 days, $29,000 x 31 days, and $31,000 x 1 day) / 90 days = Average Daily Balance fr the Quarter = $27, Calculatin f Earnings $27, Average Balance x 2.04% (Quarterly 5 year trailing average return net f fees) = $ Earnings DROP Accunt Balance n March 31: Beginning Balance $25, Add: Mnthly Depsits $ 6, Add/Subtract: Earnings/Lsses $ Balance at End f Quarter $31, DROP activity is calculated mnthly, DROP earnings are calculated quarterly, and DROP statements are distributed quarterly. THE ABOVE EXAMPLE IS FOR DEMONSTRATION PURPOSES ONLY AND IS NO INDICATION OR GUARANTEE OF INVESTMENT PERFORMANCE. 7

9 Exhibit B: DROP Frm Twn f Palm Beach Retirement System DROP Distributin Electin Frm Member s Name (Print) Member s Phne Member s Address City State Zip Please Select Optin A, B, C, r D belw: A. The Twn f Palm Beach Retirement System is directed t make full payment t me, the member, less any applicable withhlding described in the Special Tax Ntice received with this electin frm. Signature f Member Date B. The Twn f Palm Beach Retirement System is directed t make a ne-time partial distributin t me, the member, less any applicable withhlding described in the Special Tax Ntice received with this electin frm in the amunt f $. The remaining balance will remain with the Twn f Palm Beach Retirement System. Signature f Member Date C. The Twn f Palm Beach Retirement System is directed t mail the entire balance f my DROP t the trustee fr depsit in accrdance with the rllver prvisins (attached). Signature f Member Date D. The Twn f Palm Beach Retirement System is directed t mail $ f my DROP balance t trustee fr depsit in accrdance with the rllver prvisins (attached). The remainder less any applicable withhlding described in the Special Tax Ntice received with this electin frm will be paid directly t me, the member. Signature f Member Date Please cmplete the Agreement f Depsitry Trustee, attached, if Optin C r D is selected. Apprved fr Payment: Administratr Date Revised May

10 Twn f Palm Beach Retirement System DROP Distributin Electin AGREEMENT OF DEPOSITORY TRUSTEE This frm is t be cmpleted by the chsen Trustee f the eligible Retirement Plan r IRA. In accrdance with the authrizatin f the depsitr (Member s Name) We agree t depsit the frthcming rllver amunt frm the Twn f Palm Beach Retirement System t the fllwing accunt: Type f Rllver Accunt Name f Trustee Signature f Trustee Mailing Address Date City State Zip Please return Cmpleted Frm t: William P. Hanes 249 Ryal Palm Way. Suite 301D Palm Beach, FL whanes@twnfpalmbeach.cm Telephne: (561) Fax: (561)

11 TOWN OF PALM BEACH RETIREMENT SYSTEM SPECIAL TAX NOTICE REGARDING CERTAIN PLAN PAYMENTS This ntice cntains imprtant infrmatin yu will need t knw befre yu decide hw t receive yur payments (cntributins) frm the Twn f Palm Beach Retirement System (Plan). SUMMARY: A payment frm the Plan that is eligible fr a rllver can be taken in tw ways: Yu may have all r any prtin f yur payment either paid in a direct rllver (payment f yur Plan benefits t yur individual retirement arrangement [IRA] r t anther emplyer plan) r paid t yu. Yur chice if payment methd will affect any taxes yu may we. If yu chse a Direct Rllver: Yur payment will nt be taxed in the current year and n incme tax will be withheld. Yur payment will be made directly t yur IRA r, if yu chse, t anther emplyer plan that accepts yur rllver. Yur payment will be taxed at such time as yu take it ut f the IRA r the new emplyer plan. If yu chse t have yur plan benefits paid t yu: Yu will receive nly 80% f the payment, as the plan administratr is required t withhld 20% f the payment fr payment t the IRS as incme tax withhlding t be credited against yur taxes. Yur payment will be taxed in the current year. Yu may be able t use special tax rules that culd reduce the tax yu we; hwever, if yu receive the payment befre age 59-1/2, yu als may have t pay an additinal 10% tax. If yu decide t rll ver this payment t yur IRA r anther emplyer plan that accepts rll vers after yu have received the payment, yu may d s within 60 days f receiving the payment. The amunt rlled ver will nt be taxed until such time as yu take it ut f the IRA r emplyer plan. If yur plan benefits are paid t yu and yu then decide yu want t rll ver 100% f r yur payment (cntributins) t an IRA r an emplyer plan, yu must find ther mney t replace the 20% that was withheld when yu received yur payment. If yu rll ver nly the 80% that yu received, yu will be taxed n the 20% that was withheld and that is nt rlled ver. PAYMENTS THAT CAN AND CANNOT BE ROLLED OVER: Payments frm the Plan may be eligible rllver distributins. This means that they can be rlled ver t an IRA r t anther emplyer plan that accepts rllvers. Yur plan administratr can advise yu as t which prtin f yur payment is an eligible rllver distributin. The fllwing types f payments cannt be rlled ver: Nn-taxable Payments. In general, nly the taxable prtin f yur payment is an eligible rllver distributin. If yu have made after-tax emplyee cntributins t the Plan, these cntributins will be nntaxable when they are paid t yu, and they cannt be rlled ver. (After-tax emplyee cntributins generally are cntributins yu made frm yur wn pay that were already taxed.) Payments Spread Over Lng Perids: Yu cannt rll ver a payment if it is part f a series f equal (r almst equal) payments that are made at least nce a year and that will last fr: yur lifetime (r yur life expectancy); r yur lifetime and yur beneficiary s lifetime (r life expectancies); r a perid f ten years r mre.

12 DIRECT ROLLOVER: Yu can chse a direct rllver f all r any prtin f yur payment that is an eligible rllver distributin, as described abve. In a direct rllver, the eligible rllver distributin is paid directly frm the Plan t an IRA r anther emplyer plan that accepts rllvers. If yu chse a direct rllver, yu are nt taxed n a payment until yu later take it ut f the IRA r the emplyer plan. Fllwing are types f Direct Rllvers: Direct Rllver t an IRA: Yu can pen an IRA t receive the direct rllver. (The term IRA, as used in this ntice, includes individual retirement accunts and individual retirement annuities). If yu chse t have yur payment made directly t an IRA, cntact an IRA spnsr (usually a financial institutin) t find ut hw t have yur payment made in a direct rllver t an IRA at that institutin. If yu are unsure f hw t invest yur mney, yu can temprarily establish an IRA t receive the payment. Hwever, in chsing an IRA, yu may wish t cnsider whether the IRA yu chse will allw yu t mve all r part f yur payment t anther IRA at a later date, withut penalties r ther limitatins. See IRS Publicatin 590, Individual Retirement Arrangements, fr mre infrmatin n IRAs (including limits n hw ften yu can rll ver between IRAs). Direct Rllver t a Plan: If yu are emplyed by a new emplyer that has a plan, and yu want a direct rllver t that plan, ask the administratr f that plan whether it will accept yur rllver. If yur new emplyers plan accepts a rllver, that plan administratr can assist yu with the rllver. If yur new emplyers plan des nt accept a rllver, yu can chse a direct rllver t an IRA. Direct Rllver f a Series f Payments: If yu receive eligible rllver distributins that are paid in a series fr less than ten years, yur chice t make r nt make a direct rllver fr a payment will apply t all later payments in the series unless yu change yur electin. Yu are free t change yur electin fr any later payment in the series. PAYMENT MADE TO YOU: If yu have the payment made t yu, it is subject t 20% incme tax withhlding. The payment is taxed in the year yu receive it, unless within 60 days yu rll it ver t an IRA r anther plan that accepts rllvers. If yu d nt rll it ver, special tax rules may apply. Incme Tax Withhlding: Mandatry Withhlding: If any prtin f the payment t yu is an eligible rllver distributin, the Plan is required by law t withhld 20% f that amunt. This amunt is sent t the IRS as incme tax withhlding. Fr example, if yur eligible rllver distributin is $10,000, nly $8,000 will be paid t yu because the plan must withhld $2,000 as incme tax. Hwever, when yu prepare yur incme tax return fr the year, yu will reprt the full $10,000 as a payment frm the Plan. Yu will reprt the $2,000 as tax withheld, and it will be credited against incme tax yu we fr the year. Sixty-Day Rllver Optin: If yu have an eligible rllver distributin paid t yu, yu can still decide t rll ver all r part f it t an IRA r anther emplyer plan that accepts rllvers. If yu decide t rll the distributin ver, yu must make the rllver within 60 days after yu receive the payment. The prtin f yur payment that is rlled ver will nt be taxed until yu take it ut f the IRA r the emplyer plan. Yu can rll ver up t 100% f the eligible rllver distributin, including an amunt equal t the 20% that was withheld fr incme tax. If yu chse t rll ver 100% f the distributin yu received, within the 60-day perid, yu must find mney t replace the 20% that was withheld and rllver the entire amunt. Hwever, if yu rll ver nly the 80% that yu received, yu will be taxed n the 20% that was withheld. Example: Yur eligible rllver distributin is $10,000, and yu chse t have it paid t yu. Yu will receive $8,000, and $2,000 will be sent t the IRS as incme tax withhlding. Within 60 days after receiving the $8,000, yu may rll ver the entire $10,000 amunt t an IRA r emplyer plan. T d this yu rll ver the $8,000 yu received frm the Plan, and yu btain $2,000 frm ther surces (yur savings, a lan, etc.). In this case, the entire $10,000 will nt be taxed until yu take it ut f the IRA r emplyer plan. If yu rll ver the entire $1,000, when yu file yur incme tax return fr that year, yu may get a refund f the $2,000 that was riginally withheld.

13 Hwever, if yu rll ver nly $8,000, the $2,000 that yu did nt rll ver is taxed in the year that it was withheld. When yu file yur incme tax return fr that year, yu may get a refund f part f the $2,000 that was withheld. Any incme tax refund that yu may receive is likely t be larger if the entire $10,000 is rlled ver. Additinal 10% Tax If Yu Are Under Age 59-1/2: If yu receive a payment befre yu reach age 59-1/2 and yu d nt rll it ver, then, in additin t the regular incme tax, yu may have t pay an extra tax equal t 10% f the taxable prtin f the payment. The additinal 10% tax des nt apply t yur payment if it is: paid t yu because yu separated frm service with yur emplyer during r after the year yu reach age 55; r, paid because yu retire due t disability; r, paid t yu as equal (r almst equal) payments ver yur life r life expectancy (r yu and yur beneficiary=s lives r life expectancies; r used t pay certain medical expenses. See IRS Frm 5329 fr mre infrmatin n the additinal 10% tax. Special Tax Treatment: If yur eligible rllver distributin is nt rlled ver, it will be taxed in the year yu receive it. Hwever, if it qualifies as a lump sum distributin, it may be eligible fr a special tax treatment. A lump sum distributin is a payment, made within ne year, f yur entire balance under that Plan (and certain ther similar plans f the emplyer) that is payable t yu because: yu have reached age 59-1/2; r, have separated frm service with yur emplyer; r, in the case f a self-emplyed individual, because yu have reached age 59-1/2 r have becme disabled. Fr a payment t qualify as a lump sum distributin, yu must have been a participant in the Plan fr at least five years. The special tax treatment fr lump sum distributins is described belw. Five Year Averaging: If yu receive a lump sum distributin after yu are age 59-1/2, yu may be able t make a ne-time electin t figure the tax n the payment by using 5-year averaging. Five-year averaging ften reduces the tax yu we because it treats the payment much as if it were paid ver five years. Ten Year Averaging: If yu receive a lump sum distributin and yu were brn befre January 1, 1936, yu can make a ne-time electin t figure the tax n the payment by using 10 year averaging (using 1986 tax rates) instead f 5-year averaging (using current tax rates). Like the 5-year averaging, the 10-year averaging ften reduces the tax yu we. Capital Gain Treatment if Yu Were Brn Befre January 1, 1936: In additin t the abve, if yu receive a lump sum distributin, and yu were brn befre January 1, 1936, yu may elect t have the part f yur payment that is attributable t yur pre-1974 participatin in the Plan (if any) taxed as lng term capital gain at a rate f 20%. There are ther limits n the special tax treatment fr lump sum distributins. Fr example, yu can generally elect this special tax treatment nly nce in yur lifetime, and the electin applies t all lump sum distributins that yu receive in that same year. If yu have preciusly rlled ver a payment frm the Plan (r certain ther similar plans f the emplyer), yu cannt use this special tax treatment fr later payments frm the Plan. If yu rll ver yur payment t an IRA, yu will nt be able t use this special tax treatment fr later payments frm the IRA. Als, if yu rll ver nly a prtin f yur payment t an IRA, this special tax treatment is nt available fr the rest f the payment. Additinal restrictins are described in IRS Frm 4972, which has mre infrmatin n lump sum distributins and hw yu elect the special tax treatment. SURVIVING SPOUSES, ALTERNATIVE PAYEES, AND OTHER BENEFICIARIES: In general, the rules summarized abve that apply t payments t emplyees als apply t payments t surviving spuses f emplyees and t spuses r frmer spuses wh are alternate payees. Yu are an alternate payee if yur interest in the Plan results frm a dmestic relatins rder, which is an rder issued by a curt, usually in cnnectin with a divrce r legal separatin. Sme f the rules summarized abve als apply t a deceased emplyees beneficiary wh is nt a spuse. Hwever, there are sme exceptins t payments t surviving spuses, alternate payees, and ther beneficiaries: If yu are a surviving spuse, yu may chse t have an eligible rllver distributin paid in a direct rllver t an IRA r paid t yu. If yu have the payment paid t yu, yu can keep it r rll it ver yurself t an IRA, but yu cannt rll it ver t an emplyer plan. If yu are an alternate payee, yu have the same

14 chices as the emplyee. Thus, yu can have the payment paid as a direct rllver t yu. If yu have it paid t yu, yu can keep it r rll it ver yurself t an IRA r t anther emplyer plan that accepts rllvers. If yu are a beneficiary ther than the surviving spuse, yu cannt chse a direct rllver, and yu cannt rll ver the payment yurself. If yu are a surviving spuse, an alternate payee, r anther beneficiary, yur payment is nt subject t the additinal 10% tax described abve, even if yu are yunger than age If yu are a surviving spuse, an alternate payee, r anther beneficiary, yu may be able t use the special tax treatment fr lump sum distributins, as described abve. If yu receive a payment because f the emplyee=s death, yu may be able t treat the payment as a lump sum distributin if the emplyee met the apprpriate age requirements whether r nt the emplyee had five years f participatin in the Plan. HOW TO OBTAIN ADDITIONAL INFORMATION: This ntice summarizes nly the federal (nt state r lcal) tax rules that might apply t yur payment. The rules described abve are cmplex and cntain many cnditins and exceptins that are nt included in this ntice. Therefre, yu may want t cnsult with a prfessinal tax advisr befre yu take a payment frm the plan. Als, yu can find mre specific infrmatin n the tax treatment f payments frm qualified retirement plans in IRS Publicatin 575, Pensin and Annuity Incme, and IRS Publicatin 590, Individual Retirement Arrangements. These publicatins are available frm yur lcal IRS ffice r by calling TAX-FORM.