On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which extends the deadline for amending retirement plans to reflect certain optional and required changes under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and section 302 of Title III of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act).
In August, the IRS issued Notice 2022-33, extending the deadline to adopt amendments for the SECURE Act and other provisions relating to the CARES Act, including the waiver of required minimum distributions, from the last day of the first plan year beginning on or after January 1, 2022 to December 31. 2025. However, Notice 2022-33 did not apply to amendments for CARES Act coronavirus-related distributions and loans. See our blog IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines. Notice 2022-45 addresses that discrepancy and extends the deadline for adopting amendments for coronavirus-related distributions and loans to December 31, 2025. With this extension, retirement plans can adopt amendments required by the SECURE Act, Miners Act, CARES Act and Relief Act in a single amendment.
Notice 2022-45 also extends the deadline to December 31, 2025 for amending plans that elected to adopt certain disaster-related provisions under the Relief Act. The Relief Act contained disaster-related distributions and loan relief provisions similar to the CARES Act provisions for disasters declared between January 1, 2020 and February 25, 2021 and allowed for the repayment of hardship distributions taken for purposes of purchasing or constructing a principal residence that were not used due to the disaster.
Notably (and similar to Notice 2022-33), Notice 2022-45 does not extend the amendment deadline for tax-exempt 457(b) plans. Tax-exempt employers maintaining 457(b) plans must amend their plans for SECURE Act, Miners Act, CARES Act and Relief Act provisions by end of the 2022 plan year.