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Regional Vice President of Sales The Retirement Plan Company
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Loan & Distribution Specialist AimPoint Pension
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New IRS Guidance Will Facilitate 403(b) Plan Terminations
Verrill Dana LLP [Guidance Overview] Nov. 11, 2020 "Revenue Ruling 2020-23, issued ... under the SECURE Act, confirms that a plan administrator or custodian of a 403(b) plan may distribute individual custodial accounts in kind to participants as part of the termination process. This is the case even if the individual custodial account originated as part of a group contract. When combined with Revenue Ruling 2011-7, which blessed the distribution of individual annuity contracts as part of a termination process, this new guidance fills the final gap in the rules governing 403(b) plan terminations." |
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