IRS Notice 2022-45: Deadlines Extended for Certain CARES Act and Relief Act Amendments

On September 26, the IRS issued Notice 2022-45,[1] which extends the deadline for amending qualified retirement plans, 403(b) plans, and IRAs (“eligible plans”) to reflect relief related to plan loans and coronavirus-related distributions under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and “qualified disaster distributions” under the Relief Act provisions of the Consolidated Appropriations Act, 2021 (“Relief Act”). Later deadlines apply to governmental eligible retirement plans, including 457(b) plans. Under the CARES Act, eligible participants were generally eligible for distributions that qualified as coronavirus-related distributions from an eligible plan or for increases in the allowable loan amount. The Relief Act provides favorable tax treatment with respect to qualified disaster distributions from eligible plans.


The original amendment deadlines specified in the CARES Act and the Relief Act were the last day of the first plan year beginning in 2022. IRS Notice 2022-45 extends amendment deadlines applicable to qualified retirement plans (including IRAs) and section 403(b) plans (that are not governmental plans) to December 31, 2025. For governmental plans, including 457(b) plans, the extended deadline is generally 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.


As a result of this notice and earlier IRS guidance, plan sponsors of non-governmental qualified retirement plans and 403(b) plans now have until 2025 to amend plan documents to reflect provisions of the CARES Act, the Relief Act, the Bipartisan Miners Act (“Miners Act”), and the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”). Governmental plans, including 457(b) plans have until the later date described above to amend plan documents.