PRIVATE LETTER RULING 199908006 - click here to view the entire document

The IRS has approved an income deferral plan in a private letter ruling. The plan that was the subject of the ruling had the following terms and features:

• All Tribal Members are Eligible to Voluntarily Participate
• A Written Application to Participate is made by the member
• The Trust Satisfies the Requirement of a Master Trust that are set forth in IRS   Revenue Procedure 92-64
• Benefits are Payable to the Member during Lifetime or After Death, Depending on the   Election by the Member
• Distributions for hardship are allowed
• Per Capita Payment Savings Plan 

IRS Revenue Procedures 2003-14 – Establishes a safe harbor for trusts for minor members

***Tribes are not required to obtain a private letter ruling from the IRS in order to establish a savings plan. A tribe should always engage qualified legal counsel to provide advise and to structure a savings plan