Revenue Ruling 2020-23 PDF provides that 403(b) retirement plans funded through individual or group 403(b)(7) custodial accounts can be terminated through the distribution of individual custodial accounts. If a distributed custodial account continues to comply with certain requirements, no portion of the distributed custodial account is includible in gross income until amounts are actually paid out of the account to a participant or beneficiary.
Notice 2020-80 PDF requests comments on the application of annuity and spousal rights provisions related to distributions in certain plans described in Revenue Ruling 2020-23.
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