IRS Extends Deadlines For Amending A Retirement Plan Or IRA For Certain Provisions Of SECURE Act, Miners Act, And CARES Act – Retirement, Superannuation & Pensions

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

1. 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:

   
   
   Example for a state retirement system: The state legislative
   session generally runs from January to the end of June each year
   (so, for this example, assume June 30). The first regular
   legislative session that begins after December 31, 2023, would end
   June 30, 2024; the second would end June 30, 2025; and the third
   would end June 30, 2026. Deadline: Therefore, the amendment
   deadline would be September 28, 2026 (90 days after the close of
   the third regular legislative session beginning after December 31,
   2023 (June 30, 2026)).




2. 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.”




3. 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.”




4. 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:

1. For a retirement plan that is not a governmental plan: December
   31, 2025.




2. 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.