In an article in the BOL InfoVault, it stated essentially 3 documents are needed to open an IRA:
1. Plan Agreement (IRS Form 5305)
2. Plain language disclosure (IRS Pub 590)
3. Financial Projection

When we open an IRA customer, we create a Plan using the customers SS# and all these forms are given to the customer. An account is also opened and the customer is given an account disclosure. If the customer comes in to open a second IRA account, the account is opened under the customer's IRA Plan and an account disclosure is given. Would the 3 documents listed above need to be given again also? Information such as the write to revoc the IRA within 7 days is not listed in the account disclosure but is in the 3 documents listed above.

If additional IRA funds are deposited into the IRA Plan you don't need to do all the forms again.....only a contribution form. But that is only if opened under the same plan.

There are times when your customer would have different plans. When funds are to be kept seperate such as one plan for retirement funds moved to the bank and another for regular annual contributions. The forms would have to be done for each seperate plan.