Internal Revenue Service Notice 2022-33 was issued on August 3, 2022. The Notice extends the deadline for amending some retirement plans to reflect certain provisions of the SECURE, CARES, and Miners Acts.
The Notice extends the amendment deadline for a qualified retirement plan (including an applicable collectively bargained plan) that is a non-governmental plan to December 31, 2025. Qualified governmental plans including 457(b) plans have different deadlines applied. The amended deadline of December 31, 2025 applies to the required or optional features of the SECURE Act. The extension also includes amendments relating to the relief of the 2020 required minimum distributions under the CARES Act; however, does not include all of the CARES Act’s optional features. The Notice does not extend the deadline for coronavirus-related withdrawals and increased loan limits for participants affected by COVID-19. Additionally, the reduction in permitted age for in-service distributions to 59 ½ for defined benefit plan and money purchase pension plans under the Miners Act is included in the extension.
In order for plans to benefit from the extension, the plan is to be operated consistently with the amendment as if the amendment was in effect during the period beginning with the amendment being applied retroactively to the effective date.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.