Samantha E. McMillan

As employers brace for significant changes in pension law, they will need to review their impact on minimum-funding contributions, PBGC premiums and current funding-based benefit restrictions, as well as employee communications and funding and investment strategies.

The Internal Revenue Service has clarified, in Revenue Ruling 2011-7, how a section 403(b) retirement plan can be terminated, and whether distributions made to participants and beneficiaries in connection with such a termination are includable in gross income.