IRS Extends Deadline for SECURE Act and CARES Act Amendments
The Treasury Department recently released Notice 2022-33. This notice provides extensions to the deadlines to adopt amendments related to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) and the 2020 waiver of required minimum distributions provision in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The notice does not grant an extension for optional CARES Act changes, such as pandemic-related withdrawals and increased loan limits.
The notice extends the deadlines to December 31, 2025, for most plans. Despite the extension, plans need to be operated in compliance with the terms of the amendment, retroactive to the effective date of the amendment.
This extension allows the IRS more time to issue further guidance on the SECURE Act changes to the RMD rules, and allows any potential federal legislation regarding additional changes to the RMD rules to develop.