February 1, 2023

Volume XIII, Number 32


January 31, 2023

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January 30, 2023

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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)

© 2023, Ogletree, Deakins, Nash, Smoak & Stewart, P.C., All Rights Reserved.National Law Review, Volume XII, Number 340

About this Author

Taylor Bracewell, Ogletree Deakins Law Firm, Atlanta, Labor and Employment Law Attorney

Mr. Bracewell joined Ogletree in 2014 as an Associate in the Employee Benefits practice group.  He focuses his practice on qualified and non-qualified retirement plans, ERISA compliance, executive compensation arrangements, health and welfare plans, and taxation.

Mr. Bracewell is a former Student Writing Associate Editor of the Georgia State University Law Review and a former student advocate in the Philip C. Cook Low-Income Taxpayer Clinic.

Conley J. Scott III Atlanta ERISA Attorney Ogletree Deakins

Conley J. Scott III, Esq., LL.M.T., is an associate attorney with Ogletree Deakins’ Atlanta, office. His focus is ERISA compliance and works on all types of qualified retirement plans and related issues. He is barred in the State of Georgia and admitted to practice in the Georgia Supreme Court as well as the United States Tax Court.

Conley has a wide breadth of education and will receive his Master of Divinity in 2023. Conley received his law degree from Mercer University School of Law and his Master of Taxation (LLM) from the University of...