IRS Extends Deadline for Plan Amendments Under the SECURE Act, Miners Act, and Certain CARES Act Provisions

September 20, 2022

The Internal Revenue Service (the “IRS”) recently issued Notice 2022-33 (the “Notice”), providing extensions to certain upcoming plan amendment deadlines under certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), the Bipartisan American Miners Act of 2019 (“Miners Act”), and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  The Notice extends the deadline for nongovernmental 403(b) and qualified retirement plans (including 401(k) plans, money purchase pension plans, and defined benefit plans), and individual retirement arrangements (“IRAs”) to December 31, 2025. (Previously, for nongovernmental calendar year plans, the deadline for adopting plan amendments was December 31, 2022.)  It is important to note that the deadline for certain amendments required under the CARES Act has not been extended and these amendments will still be required prior to the end of 2022 for calendar year plans.  In addition, these extensions do not apply to nongovernmental 457(b) plans; therefore, plan sponsors maintaining nongovernmental 457(b) plans should review those plans to determine if SECURE Act amendments are required to be made by the end of this year.

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