IRS Grants Filing Extension for Retirement Plans

IRS NOTICE 2022-33

Under IRS Notice 2022-33, employers have been afforded more time to implement the newly required amendments to qualified retirement plans.

Newly legislated, required and optional plan amendments:

  • Setting Every Community Up for Retirement Enhancements Act (SECURE Act)
    • Increasing the age at which benefits must begin to 72 for individuals who attained age 70 1⁄2 on or after January 1, 2020
  • Bipartisan Miners Act (Miners Act)
    • Qualified pension plans are allowed to permit in-service distributions to begin at age 59 1⁄2 instead of age 62
    • Increasing the age at which benefits must begin to 72 for individuals who attained age 70 1⁄2 on or after January 1, 2020
  • Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
    • Waiving required minimum distributions for 2020 in response to COVID-19

IRS Notice 2022-33 provides an extended deadline for adopting amendments as noted in the chart below:

The IRS also states (in IRS Notice 2022-33) that it will likely provide additional guidance when the 2023 Required Amendments List is released. This list outlines changes in retirement plan qualification requirements. Such anticipated guidance suggests that the IRS intends plan sponsors to be able to adopt all amendments on a single, yet-to-be- determined date.

About HRWS

HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.

If you have questions about HRWS, call or email us directly or ask your insurance broker about us.

P: 866-691-7757
E: support@hrworkplaceservices.com

The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice. Employers are advised to discuss and/or receive counsel from their licensed legal or accounting professional, prior to implementing any new policy or policy change.