IRS Extends Plan Amendment Deadlines for SECURE Act Provisions

The IRS has issued Notice 2022-33, extending the deadlines for amending a retirement plan or individual retirement account to reflect certain provisions of the Setting Every Community Up for Retirement Enhancement Act, the Miners Act and the Coronavirus Aid, Relief, and Economic Security Act.

For a qualified non-governmental plan, including an applicable collectively bargained plan, the deadline to amend a plan for provisions of the SECURE Act and the regulations thereunder is December 31, 2025. This previous deadline was the last day of the first plan year ending on or after January 1, 2022. The deadline extension also applies to section 104 of the Miners Act, which lowered the minimum age for allowable in-service distributions from a qualified pension plan from age 62 to age 59.5.

The plan amendment deadline for SECURE Act and Miners Act provisions for a qualified governmental plan 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.

In general, the deadline for a section 403(b) plan that is not maintained by a public school to amend a plan for provisions of the SECURE Act and the regulations thereunder is December 31, 2025. For a section 403(b) plan that is maintained by a public school, the deadline 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.

According to the IRS notice, the deadline for amending a plan to reflect the CARES Act provision that waived required minimum distributions for defined contribution plans and IRAs for 2020 has also been extended. The deadline for amending a retirement plan that is not a governmental plan is December 31, 2025, and the deadline for amending a retirement plan that is a governmental plan 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. With respect to a governmental plan under section 457(b) of the Code, the deadline is the later of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023, or the first day of the first plan year beginning more than 180 days after the date of notification by the Secretary of Labor that the plan was administered in a manner that is inconsistent with the requirements of section 457(b).