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Volume XII, Number 230

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IRS Guidance Extends Deadline for SECURE & CARES Act Amendments

On August 3, 2022, in a welcome and surprising move, the IRS released Notice 2022-33, providing for an extension for qualified retirement plans to adopt amendments under the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), the Bipartisan Miners Act of 2019 (the “Miners Act”) (which provided defined benefit plans with an optional reduction in the minimum age for in-service distributions from age 62 to 59½), and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the requirement s of which are described herehere, and here.

Specifically, non-governmental qualified plans (including non-collectively bargained plans) will have until December 31, 2025 to adopt any of the optional or required changes under the SECURE Act, Miners Act, and CARES Act.  Prior to this guidance, non-governmental and non-collectively bargained plans had until the last day of the plan year beginning on or after January 1, 2022 to adopt these amendments.  For calendar year plans that meant amendments had to be made by December 31, 2022. Collectively-bargained and governmental plans had until the last day of the plan year beginning on or after January 1, 2024.

This extension is welcome for many plan administrators and sponsors who are still waiting for final IRS guidance on many of the SECURE Act’s provisions, including required post-death distribution rules, rules governing the inclusion of long-term part-time employees, and more.  The IRS noted in Notice 2022-33 that it expects SECURE Act guidance to be issued with the 2023 Required Amendment list, so all changes under the SECURE, Miners, and CARES Act can be adopted by plan sponsors at the same time.

© 2022 Proskauer Rose LLP. National Law Review, Volume XII, Number 215
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About this Author

Paul Hamburger Employee Benefits Law Attorney Proskauer Rose Law Firm
Partner

Paul M. Hamburger is co-chair of the Employee Benefits & Executive Compensation Group and head of the Washington, DC office. Paul is also a leader of the Practice Center’s health and welfare subgroup and a member of Proskauer’s Health Care Reform Task Force.

Paul provides technical knowledge and advice to employers on all aspects of their employee benefit programs, and advises employee benefit plan trustees and service providers on ERISA and employee benefit plan-related matters. He has extensive experience in negotiating service provider...

202.416.5850
Mary Grace Richardson Labor and Employment Attorney Proskauer New Orleans
Associate

Mary Grace Richardson is an associate in the Labor & Employment Department and a member of the Employee Benefits & Executive Compensation Group. She counsels clients on a myriad of issues related to employee retirement and health plans.

Mary Grace received her J.D. and diploma in comparative law, summa cum laude, from Louisiana State University Paul M. Hebert Law School. At LSU, she served as a senior editor of the Louisiana Law Review, was a member of the Board of Advocates, and was a member of the Order of the Coif....

504-310-4086
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