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requirement of a written plan that is communicated to employees
would have no meaning if the employer did not prepare a written
plan to which it (the employer) was contractually bound. Fazi v.
Commissioner, supra at 704. "An unexecuted and unadopted plan
would be of no comfort to employees who might have to rely upon the
terms of a plan for their future security." Id.
IRA trusts were created by Congress to provide retirement
savings opportunities to employees whose employers did not provide
qualified retirement plans. H. Rept. 93-779, supra at 124-125,
1974-3 C.B. at 367-368. The same concern as to employer retirement
plans, namely the beneficiary's future security, is at the heart of
the IRA trust arrangement. Consequently, a trustee who has the
capacity to administer the trust in a manner that is consistent
with the purpose of a retirement account is critical to the
qualification of an IRA trust. An individual, per se, does not
have such capacity because of the lack of continuity in case of his
or her death. As a result, the lack of a qualified trustee is
fatal to the existence of a qualified IRA trust under section
408(a).
The substantial compliance doctrine, which petitioners request
we apply to their situation, is not applicable to the situation
herein. In Wood v. Commissioner, 93 T.C. 114 (1989), a taxpayer
sought to roll over the proceeds from a profit-sharing plan into an
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