Some End-of-Year Deadlines for Retirement Plans Are Extended

Last month, we posted a reminder to start thinking about year-end amendment deadlines, and we have some good news – earlier this month, the IRS extended some retirement plan amendment deadlines.

In Notice 2022-33, the IRS has extended the deadlines for amendments for the SECURE Act and Miners Act until December 31, 2025, for non-governmental plans. The IRS also extended the deadline for amendments for the CARES Act provisions related to the 2020 waiver of required minimum distributions until December 31, 2025.

However, the IRS did not extend the deadlines for adopting amendments reflecting other optional provisions of the CARES Act, such as coronavirus-related distributions and increased loan limits. Those amendments must still be adopted by December 31, 2022.

And as a reminder, any amendments for any discretionary plan changes implemented in 2022 must be adopted by December 31, 2022.

Contact a Boutwell Fay attorney if you have questions about this post or need assistance with a plan amendment.