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Groom Law Group Summarizes IRS Notice 2022-33 to Extend SECURE Act and CARES Act Amendments Deadlines

On August 4, 2022, the Groom Law Group published its summary, IRS Provides Three-Year Extension for SECURE Act Amendments and Additional Limited Relief. This publication summarizes IRS Notice 2022-33 that was published by the Internal Revenue Service (IRS) on August 3, 2022. Notice 2022-33 provides extensions to the amendment deadlines for certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan American Miners Act of 2019 (Miners Act), and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  

The Notice extends the deadline for certain amendments under the SECURE Act from the end of the 2022 plan year to the following:

  • For non-governmental qualified and 403(b) plans, the amendment deadline is December 31, 2025.
  • For governmental qualified and 403(b) plans, the amendment deadline is 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023.
  • For governmental 457(b) plans, the amendment deadline is the later of: 1) 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023; or 2) the first day of the first plan year beginning more than 180 days after the date of notification by the IRS that the plan was administered inconsistent with Code section 457(b) (if applicable).

In addition, the deadlines outlined above also apply to amendments under the Miners Act to lower the minimum age for allowable in-service distributions from age 62 to age 59½ from a qualified pension plan pension. Moreover, for governmental 457(b) plans, the minimum age for in-service distributions has been lowered for a participant to be as early as the calendar year in which the participant attains age 59½.

The Notice also extends amendments due under the CARES Act related to the 2020 waiver of required minimum distributions for defined contribution plans and IRAs. The deadline to amend for this provision generally follows the deadlines outlined above being December 31, 2025 for non-governmental plans and, for governmental plans, 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2023 (subject to the special rule for 457(b) plans). 

The summary is available here and IRS Notice 2022-33 is available here.