The IRS recently released guidance (Notice 2022-45) extending the deadline for amending eligible retirement plans — including individual retirement arrangements or annuity contracts — to reflect the provisions of Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act and Section 302 of the Taxpayer Certainty and Disaster Tax Relief Act. These provisions provide special tax treatment for coronavirus-related distributions and qualified-disaster distributions, respectively.
A coronavirus-related distribution is any distribution from an eligible retirement plan made on or after Jan. 1, 2020, and before Dec. 31, 2020, to a qualified individual. A qualified-disaster distribution is generally defined as a distribution from an eligible retirement plan made on or after the date a disaster begins (no earlier than Dec. 28, 2019), and before June 25, 2021, to qualified individuals.
Notice 2022-45 generally extends the deadline for non-governmental plans to Dec. 31, 2025. The notice also permits later amendment deadlines for governmental retirement plans (including governmental plans under Section 457(b)).