Eligibility for an IRA has been severely changed by the Tax Reform Act of 1986. In 1987 educators who have a retirement plan administered by their employer will face new eligibility rules. For self-employment income, a Keogh plan is an excellent way to shelter income and provide retirement income. (MLW)

The potential impact of the new nondiscrimination requirements of the Tax Reform Act of 1986 in faculty pension plans is devastating for faculty. The faculty's pension program's ability to survive in a form that serves the mutual interests of both faculty and institution is now in question. (MLW)

As a result of the new tax law, many tax benefits have been reduced or eliminated, creating a number of financial challenges to colleges and universities. Most major sources of revenue are impaired, while some expenditures are likely to increase. Fund-raising methods, operating costs, and tuition payments will change. (MSE)