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IRS extends deadline to adopt amendments under SECURE Act, provisions under Miners Act and CARES Act

By Gary Chase , William “Bill” Kalten and Maria Sarli | August 24, 2022

The deadline to amend plans to comply with the SECURE Act and provisions of the Bipartisan Miners Act of 2019 and the Coronavirus Aid, Relief, and Economic Security Act is now December 31, 2025.
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In Notice 2022-33, the IRS extends the amendment deadline to December 31, 2025, for changes under the SECURE Act as well as certain requirements under the Bipartisan Miners Act of 2019 (Miners Act) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The notice also extends the SECURE Act tax code cutback relief for amendments adopted before the extended deadline.

Specifically, the deadline is extended to adopt amendments to comply with the following requirements (including requirements provided in underlying regulations):

  • SECURE Act, including an extension of the Internal Revenue Code section 411(d)(6) cutback relief for amendments adopted before the extended deadline
  • Section 104 of the Miners Act, which provides for reduction of permitted in-service distribution age from 62 to 59.5
  • Section 2203 of the CARES Act, which provides for a waiver of the required minimum distribution payment for 2020

The amendment deadline for CARES Act coronavirus loan and distribution provisions has not been extended, so non-governmental plans that are not collectively bargained and that made these loans and distributions available must still be amended by the end of the first plan year beginning on or after January 1, 2022. It is unclear whether this deadline was not extended because these provisions are optional or because it was an oversight. Note that the House and Senate Finance versions of SECURE 2.0 would provide an extension that covers these provisions, but SECURE 2.0 discussions are not expected until after the November election, so any extension may not be passed early enough to allow sponsors to delay the amendment for these provisions.

Going forward

The extended deadline aligns with the timing to adopt an amendment included on the 2023 remedial amendment list for individually designed plans, so it is likely that these requirements will be included on next year's list. Although the amendment deadline is extended, plans are still required to operationally comply with these requirements. Plan sponsors should ensure that their plans are in compliance with any amendments that will ultimately be adopted.

Authors

Director, Retirement and Executive Compensation

Senior Director, Retirement and Executive Compensation

U.S. Retirement Resource Actuary

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