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):
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.
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.