Update Applicable to:
All employers with government-provided retirement plans.
In our previous communication here, we notified you that on August 3, 2022, the Internal Revenue Service (“IRS”) published Notice 2022-33, announcing the extension of the deadline for the specific Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and Further Consolidated Appropriations Act (“CAA”) or Bipartisan Miners Act non-governmental qualified retirement plan amendments until December 31, 2025. This is an update to that communication.
What are the details?
On Sept. 26, the Internal Revenue Service (“IRS”) published Notice 2022-45, extending the deadline for adopting amendments to conform qualified retirement plans and 403(b) plans for COVID relief provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The new due date for CARES Act amendments is Dec. 31, 2025 (although certain governmental plans have a different due date discussed below). Coming shortly after Notice 2022-33 (see the previous alert here), sponsors of qualified retirement plans and 403(b) plans now have until 2025 to amend plan documents to reflect applicable provisions of the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), the CARES Act, and the Further Consolidated Appropriations Act or Bipartisan Miners Act (“CAA” or “Miners Act”). Importantly, however, compliance with the current requirements of the above-referenced legislation has not been delayed by either IRS notice.
What Does Notice 2022-45 Cover?
Notice 2022-45 provides an extension for the qualified plan, and 403(b) plan amendments are required to comply with the CARES Act provisions that were otherwise required by the end of 2022 (and not extended under Notice 2022-33). Among the most prominent provisions covered by Notice 2022-45 are the following:
When Notice 2022-33 and Notice 2022-45 are combined, Dec. 31, 2025, is now the due date for non-governmental qualified retirement plans and 403(b) plans to be amended to reflect the requirements of the SECURE Act, CARES Act, and CAA. Governmental plans generally have until 90 days after the end of the third regular legislative session beginning after Dec. 31, 2023.
For more information, please see the links below:
Previous Vensure Communication (9/13/2022)
What do employers need to do?
Employers should review the links above and take advantage of the extended dates.