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IRS Extends Deadlines for SECURE and CARES Amendments

In Notice 2022-33, issued on August 3, 2022, the Internal Revenue Service (IRS) extended deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect specific 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 provides that non-governmental qualified retirement plans, 403(b) plans not maintained by public schools, and IRAs now have until December 31, 2025, to adopt plan amendments. Prior to this extension, amendments were generally required to be adopted by December 31, 2022 (for calendar year plans). The amendments generally required to be included:

  • Amendments to reflect SECURE Act changes for required minimum distributions and qualified birth or adoption distributions;
  • Miners Act changes for age 59½ distributions from defined benefit plans and section 457(b) plans; and;
  • CARES Acts relief for 2020 required minimum distributions.

The IRS has also extended the deadline for adopting qualified governmental retirement plans, public school 403(b) plans, and governmental 457(b) plans to 90 days after the close of the third regular legislative session of the legislative body with the authority to amend plans that begin after December 31, 2023.

Next Steps for Employers

Of note, qualified retirement plans and 403(b) plans that implemented other CARES Act provisions such as allowing expanded loan limits and delaying of loan repayments, generally, must still adopt the relevant amendments by the last day of the 2022 plan year (December 31, 2022, for calendar year plans).

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