On Sept. 26, the Internal Revenue Service (“IRS”) published Notice 2022-45, extending the deadline for adopting amendments to conform qualified retirement plans and 403(b) plans for COVID relief provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The new due date for CARES Act amendments is Dec. 31, 2025 (although certain governmental plans have a different due date discussed below). Coming shortly after Notice 2022-33 (see previous alert here), sponsors of qualified retirement plans and 403(b) plans now have until 2025 to amend plan documents to reflect applicable provisions of the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), the CARES Act, and the Further Consolidated Appropriations Act or Bipartisan Miners Act (“CAA” or “Miners Act”). Importantly, however, compliance with the current requirements of the above referenced legislation has not been delayed by either IRS notice.

What Does Notice 2022-45 Cover?

Notice 2022-45 provides an extension for qualified plan and 403(b) plan amendments required to comply with those provisions of the CARES Act that were otherwise required by the end of 2022 (and not extended under Notice 2022-33). Among the most prominent provisions covered by Notice 2022-45 are the following:

• Increased loan limits (to $100,000 from $50,000) during 2020;
• COVID-related in-service distributions during 2020; and
• Temporary suspension of 2020 loan repayments or additional time for loan repayments.

When Notice 2022-33 and Notice 2022-45 are combined, Dec. 31, 2025, is now the due date for non-governmental qualified retirement plans and 403(b) plans to be amended to reflect the requirements of the SECURE Act, CARES Act, and CAA. Governmental plans generally have until 90 days after the end of the third regular legislative session beginning after Dec. 31, 2023.

What’s Next

There are two key takeaways:

• Take steps to ensure you are administering your retirement plans in accordance with applicable law, including (without limitation) the SECURE Act, CARES Act, and CAA.
• Take steps to timely amend your qualified retirement plans and 403(b) plans for the SECURE Act, CARES Act, and CAA. But, stay tuned for additional guidance and information on the SECURE Act, CARES Act, and CAA.