On Jan. 17, 2001, the IRS issued proposed regulations that greatly simplify the calculation of minimum required distributions (MRDs) from IRAs, qualified plans, and other retirement savings vehicles. The IRS recently issued a correction to those proposed regulations.

The preamble to the proposed regulations contains a model amendment for qualified plan sponsors to adopt if they wish to follow the proposed regulations in making distributions for 2001 and subsequent calendar years. The first sentence of the model amendment, as published in the Federal Register, referred to distributions made in calendar years beginning on or after Jan. 1, 2000, but was intended to refer instead to distributions made for calendar years beginning on or after Jan. 1, 2001.

A correction notice is being submitted to the Office of the Federal Register. The proposed regulations, as corrected, will be published in the Internal Revenue Bulletin (IRB: 2001-10) on March 5, 2001.