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IRS Extends Plan Amendment Deadlines

The IRS on Aug. 3 announced in Notice 2022-33 that it is extending the deadline for amending a retirement plan to reflect the provisions of Section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Section 2203 concerns a waiver of required minimum distributions (RMDs). 

CARES Act 

The RMD relief Section 2203 of the CARES Act provides applies to defined contribution, 403(a), 403(b), 457(b) and governmental plans, as well as IRAs. It does not apply to DB plans.

Notice 2022-33 extends the deadline for amending a retirement plan to reflect the provisions of Section 2203 of the CARES Act. Under Notice 2022-33:

  • The extended amendment deadline for (1) a qualified retirement plan or 403(b) plan (including an applicable collectively bargained plan) that is not a governmental plan or (2) an IRA now is Dec. 31, 2025. 
  • Later deadlines apply with respect to governmental retirement plans, including governmental 457(b)  plans. 

Also, regarding an amendment made to reflect provisions of the SECURE Act, the period during which the amendment is eligible—if applicable—for relief from the anti-cutback requirements of Code Section 411(d)(6) or Section 204(g) of ERISA is extended to the applicable extended plan amendment deadline. 

Modifications to Notice 2020-68

Notice 2022-33 also extends the deadlines for amending a retirement plan or IRA to reflect certain provisions of:

  • the Setting Every Community Up for Retirement Enhancement (SECURE) Act; and
  • the Bipartisan American Miners Act of 2019. 

It does so by modifying Notice 2020-68, 2020-38 IRB 567, and Notice 2020-86, 2020-53 IRB 1786. 
 
Notice 2020-68 reiterates the deadlines to amend a retirement plan for provisions of the SECURE Act or Miners Act. For example, the IRS advises that the deadline to amend a qualified plan that is not a governmental plan or collectively bargained plan is the last day of the first plan year beginning on or after Jan. 1, 2022.
 
Notice 2022-33 makes the following changes to Notice 2020-68:

1. It modifies the first paragraph under Q&A G-1(a) of Notice 2020-68 so that it reads as follows: 

“In general, for a qualified plan (including an applicable collectively bargained plan) that is not a governmental plan within the meaning of section 414(d) of the Code, the deadline to amend a plan for provisions of the SECURE Act, the regulations thereunder, or section 104 of the Miners Act is December 31, 2025. The plan amendment deadline for a qualified governmental plan, within the meaning of section 414(d), is 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023.” 

2. It modifies the first paragraph under Q&A G-1(b) of Notice 2020-68 so that it reads as follows: 

“In general, the deadline for a section 403(b) plan (including an applicable collectively bargained plan) that is not maintained by a public school, as described in section 403(b)(1)(A)(ii), to amend a plan for provisions of the SECURE Act or the regulations thereunder is December 31, 2025. The plan amendment deadline for a section 403(b) plan that is maintained by a public school, as described in section 403(b)(1)(A)(ii), is 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023.”

3. It modifies Q&A G-1(c) so that it reads as follows: 

“The deadline to amend a governmental plan under section 457(b) of the Code for provisions of the SECURE Act, the regulations thereunder, or section 104 of the Miners Act is the later of (i) 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023, or (ii) if applicable, the first day of the first plan year beginning more than 180 days after the date of notification by the Secretary that the plan was administered in a manner that is inconsistent with the requirements of section 457(b) of the Code.” 

4. It modifies the first paragraph under Q&A G-1(d) so that it reads as follows: 

“The deadline to amend the trust governing an IRA that is an individual retirement account or the contract issued by an insurance company with respect to an IRA that is an individual retirement annuity for provisions of the SECURE Act or the regulations thereunder is December 31, 2025, or such later date as the Secretary prescribes in guidance.”