The IRS has issued Revenue Ruling (Rev.Rul.) 2020-23, which describes the status and tax treatment of certain 403(b)(7) custodial accounts belonging to participants or beneficiaries of terminating 403(b) plans. Briefly, Rev. Rul. 2020-23 states that if such in-kind-distributed custodial accounts comply with the conditions in this guidance, they will retain their tax-deferred status as 403(b) custodial accounts, until such time as the assets they contain are actually paid out to the participant or beneficiary to whom they belong.