The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans). Notice 2022-33 extends the deadline for adopting amendments required by the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) and the Bipartisan American Miners Act of 2019 (the “Miners Act”) until December 31, 2025 for non-governmental qualified plans and collectively bargained plans. Prior to Notice 2022-33, most non-governmental qualified plans were required to adopt plan amendments by the end of the 2022 plan year (2024 for governmental and collectively bargained plans). Governmental plans, but not collectively bargained plans, have a further extension beyond 2025.
Notice 2022-33 also provides the same extension for some (but not all) of the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The extended relief for the CARES Act amendments applies only to the 2020 waiver of required minimum distributions. The provisions of the CARES Act relating to coronavirus-related distributions and loans continue to have a December 31, 2022 amendment deadline.