On August 3, 2022, the Internal Revenue Service (IRS) issued Notice
2022-33 to extend the deadlines to amend a retirement plan such
as qualified 401(a) plans, 403(b) plans, and governmental 457(b)
plans; individual retirement arrangement (IRA) for certain
provisions of the Setting Every Community Up for Retirement
Enhancement Act of 2019 ("SECURE Act") or the regulations
thereunder; and section 104 (relating to reduced age for in-service
distributions for qualified 401(a) plans and governmental 457(b)
plans) of the Bipartisan American Miners Act of 2019 ("Miners
Act"). The notice also extends the deadline to amend a
retirement plan for the provisions of section 2203 (relating to the
2020 required minimum distribution waiver) of the Coronavirus Aid,
Relief, and Economic Security Act of 2020 ("CARES Act").
Notice 2022-33 extends the amendment deadlines, as follows:
For SECURE Act or the Regulations Thereunder and Section 104 of the Miners Act
- For a qualified plan, in general, the amendment deadlines have
been extended, as follows:
- For a plan (including an applicable collectively bargained plan) that is not a governmental plan within the meaning of section 414(d) of the Internal Revenue Code ("Code"): December 31, 2025.
- For a qualified governmental plan, within the meaning of section 414(d) of the Code: "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."
- Ice Miller Practice Tip: In order to assist governmental plan clients in understanding the timing for amendments that are based on a "regular legislative session of the legislative body with the authority to amend the plan," we provide the following example:
- For a 403(b) plan, in general, the amendment deadlines have
been extended, as follows:
- For a plan (including an applicable collectively bargained plan) that is not maintained by a public school, as described in section 403(b)(1)(A)(ii) of the Code: December 31, 2025.
- For a plan that is maintained by a public school, as described in section 403(b)(1)(A)(ii) of the Code: "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."
- For a governmental 457(b) plan, the amendment deadlines have
been extended, the later of:
- "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
- "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."
- For a "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":
- December 31, 2025, or
- "such later date as the Secretary prescribes in guidance."
For Section 2203 of the CARES Act
The amendment deadlines have been extended, as follows:
- For a retirement plan that is not a governmental plan: December 31, 2025.
- For a retirement plan that is a governmental plan:
- "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
- "if later, with respect to a governmental plan under section 457(b) of the Code, 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),"
Note that Notice 2022-23 does not extend any other Sections of the
CARES Act. For additional information on the SECURE Act, the Miners
Act, and the CARES Act, see our prior e-bulletins.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.