The trustee or custodian must be a bank, a federally insured credit union, trust company, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.
The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount.
Contributions, except for rollover contributions, must be in cash. (See Rollovers)
You must have a nonforfeitable right to the amount at all times.
Money in your account cannot be used to buy a life insurance policy.
Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund.
You must start receiving distributions by April 1 of the year following the year in which you reach age 70½ (Required Minimum Distributions).