IRS Extends Retirement Plan Amendment Deadlines for Recent Legislation

Jeff Storch | 08.04.22

In Notice 2022 – 33, 2022 – 34 IRB, 08/03/2022, the IRS extended the deadlines for amending qualified retirement plans and individual retirement arrangements (IRA) to reflect certain provisions of the following recent legislation:

• The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act)
• The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
• The Bipartisan American Miners Act of 2019 (Miners Act)

Under the notice, the extended amendment deadline is December 31, 2025, for:

1. A qualified retirement plan or Internal Revenue Code (Code) section 403(b) plan that is not a governmental plan, or
2. An IRA

Later deadlines apply with respect to governmental retirement plans (including Code section 457(b) plans).

In addition, for an amendment made to reflect provisions of the SECURE Act, the period during which the amendment is eligible for relief from the anti-cutback requirements of Code section 411(d)(6) or section 204(g) of the Employee Retirement Income Security Act of 1974 (ERISA) is extended to the applicable extended plan amendment deadline.

Plan sponsors will want to consult with their plan administrators and other advisors to determine whether any action is necessary or recommended in light of these extensions.