Deadline extended for certain retirement plan amendments

 

The IRS recently issued guidance (Notice 2022-33) generally extending the deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of the SECURE Act and the Bipartisan American Miners Act of 2019. The notice also extends the deadline for amending a retirement plan to reflect section 2203 of the CARES Act, which provides a waiver of required minimum distributions for defined contribution plans and IRAs for 2020.

 

Notice 2022-33 generally extends the deadline for non-governmental plans from the last day of the first plan year beginning on or after Jan. 1, 2022, to Dec. 31, 2025. The notice also permits later amendment deadlines for governmental retirement plans (including governmental plans under Section 457(b)).

 

Taxpayers should examine the changes in law and consider taking advantage of the later amendment periods.

 

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