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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.
Section 403(b) plans can be sponsored only by employers that are tax-exempt organizations under section 501(c)(3) of the Internal Revenue Code, or by state or local government employers for the benefit of public school employees.
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