IRS Provides Plan Amendment Deadline Relief

Earlier this year, the Internal Revenue Service (IRS) issued Notice 2022-23, which extended the deadline to make certain amendments pursuant to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, the Bipartisan American Miners Act of 2019 (Miners Act), and the Coronavirus Aid, Relief, and Economic Security (CARES) Act to December 31, 2025. In September, the IRS then issued Notice 2022-45, which expanded the scope of relief provided by Notice 2022-23 to include amendments for optional provisions under the CARES Act (e.g., coronavirus-related distributions and plan loan changes) and changes pursuant to the Taxpayer Certainty and Disaster Relief Act of 2020.

The chart below includes the updated deadlines for any amendments required by the acts listed above. Importantly, the notices do not extend the amendment deadline applicable to nongovernmental section 457(b) plans (i.e., certain nonqualified plans sponsored by tax-exempt employers), so plan sponsors should consider reviewing their plans to determine whether there are any required changes prior to December 31, 2022 (for calendar-year plans).

Plan type	Deadline to amend
Nongovernmental qualified retirement plans (regardless of whether collectively bargained) Section 403(b) plans (nonpublic school) Individual retirement arrangements (IRAs)	December 31, 2025
Governmental qualified retirement plans Public school section 403(b) 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
Governmental section 457(b) plans	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 secretary of labor that the plan was administered in a manner that is inconsistent with the requirements of section 457(b) of the Internal Revenue Code
Nongovernmental section 457(b) plans	Unchanged – Remains the end of the first plan year beginning in 2022 (December 31, 2022, for calendar-year plans)