On August 3, 2002, the IRS issued Notice 2022-33 (the “Notice”) which extends certain deadlines for qualified plans to amend their documents for the SECURE Act, the Miners Act, and the CARES Act (the “Acts”). Prior to this Notice, amendments for all provisions of the Acts were due by the last day of the plan year beginning on or after January 1, 2022 (December 31, 2022 for calendar year plans).
The SECURE Act and Miners Act
Under the Notice, amendments for all provisions of the SECURE Act and the Miners Act (which permitted the lowering of the minimum age to 59 ½ for an in-service distribution from defined benefit plans, money-purchase pension plans, and 457(b) governmental plans), are now due no later than December 31, 2025. This extension applies to non-governmental qualified retirement plans and 403(b) plans as well as IRAs. Later deadlines apply to governmental plans.
The CARES Act
With respect to the CARES Act, the December 31, 2025 extended deadline only applies to the 2020 required minimum distribution waiver for defined contributions and IRAs. Unless there is subsequent guidance providing otherwise, amendments for other provisions of the CARES Act, such as optional COVID distributions and loans, must still be adopted by the last day of the plan year beginning on or after January 1, 2022.
Review Amendment and Operational Status
Many qualified plans have already been amended for the Acts, however, it is a good time to review the status of plan amendments and what provisions must be included. Compliance with the provisions of these amendments was required as of their applicable effective dates, so operational compliance should also be reviewed and plan corrections made as needed.