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All News > Retirement Plan Amendments

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End of the Year Amendment Requirement for 457(b) Plans of Tax-Exempt Organizations
Boutwell Fay LLP Link to more items from this source
[Guidance Overview]
Dec. 1, 2022

"The only provision of the Acts that requires an amendment to a 457(b) plan is the change in the required minimum distribution rules (RMDs) enacted under the SECURE Act. The SECURE Act changed the date that RMDs are required to begin for most employees who were born on or after July 1, 1949, from 70½ to 72. The SECURE Act also made significant changes in the requirements for distributions to beneficiaries."

Tags: 457 Plans  •  Retirement Plan Amendments

IRS Releases Empty 2022 Required Amendment List
Mercer Link to more items from this source
[Guidance Overview]
Nov. 28, 2022

"The 2022 IRS Required Amendments (RA) List (Notice 2022-62) identifies no changes in statutory or regulatory requirements for individually designed retirement qualified and ... Section 403(b) retirement plans. This means most employers will not have a Dec. 31, 2024, deadline for required amendments."

Tags: Retirement Plan Amendments

Year-End Compliance Issues for Single-Employer DB and DC Retirement Plans
Milliman Link to more items from this source
Nov. 23, 2022

"This Client Action Bulletin looks at key areas -- including administrative compliance issues -- that defined benefit and/or defined contribution plan sponsors should address by December 31, 2022.... [T]he 'Action' section at the end ... includes an update on the waiting game still in play for certain guidance covering those compliance amendments for which the original adoption deadlines have been extended."

Tags: Retirement Plan Administration  •  Retirement Plan Amendments  •  Retirement Plan Design

Text of IRS Notice 2022-62: 2022 Required Amendments List for Individually Designed Qualified and Section 403(b) Plans (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 22, 2022

"There are no entries listing changes in qualification requirements on the 2022 RA List.... The 2021 RA List included entries for section 9704 of the American Rescue Plan Act of 2021 (ARP) ... relating to special financial assistance for certain eligible multiemployer plans.... Beginning in 2022, an amendment made pursuant to section 9704 of the ARP will be treated as a discretionary amendment, and the plan amendment deadlines applicable to discretionary amendments as set forth in Rev. Proc. 2022-40 will apply."

Tags: Multiemployer Plans  •  Retirement Plan Amendments

IRS Opens Determination Letter Program to 403(b) Plans
Ice Miller LLP Link to more items from this source
[Guidance Overview]
Nov. 15, 2022

"Plans with more complicated designs ... are difficult to fit onto pre-approved plan documents due to their 'check the box' format and limited election options.... Plan sponsors with multiple approved service providers may be concerned about the appearance of endorsing a particular provider by using its pre-approved plan document. These plan sponsors will want to consider requesting a determination letter[.]"

Tags: 403(b) Plans and Annuities  •  Retirement Plan Amendments

Employee Benefit Plan Year-End Deadlines
Frost Brown Todd LLC Link to more items from this source
[Guidance Overview]
Nov. 15, 2022

"This year, with the delay of the deadline for amending qualified plans, 403(b) plans, and governmental 457(b) plans to comply with the SECURE Act and CARES Act, year-end to-dos are on the light side; however, there are still a few deadlines to be aware of ... [1] Prescription drug disclosures.... [2] 125 plan deadline for COVID-19 special rules ... [3] 457(b) SECURE Act amendments."

Tags: Cafeteria Plans  •  Health Plan Administration  •  Retirement Plan Amendments

IRS Expands and Modifies Determination Letter and Remedial Amendment Guidance for Individually Designed Retirement Plans
Thomson Reuters / EBIA Link to more items from this source
[Guidance Overview]
Nov. 11, 2022

"A major focus of the revenue procedure is the extension of the determination letter process to individually designed Section 403(b) plans, but it also includes changes affecting individually designed 401(k) plans and other qualified retirement plans.... Here are highlights for 401(k) plans:.

Tags: 401(k) Plans  •  Retirement Plan Amendments

New IRS Determination Letter Program for 403(b) and 401(a) Plans
Verrill Dana LLP Link to more items from this source
[Guidance Overview]
Nov. 11, 2022

"Employers who are terminating (or who have recently terminated) 403(b) plans should consider seeking an IRS determination letter ... Employers who have adopted preapproved plans but have substantially changed the plan documents to accommodate unique plan features should consider applying for an IRS determination letter on their plan documents."

Tags: 403(b) Plans and Annuities  •  Retirement Plan Amendments

403(b) Plans May Apply for IRS Determination Letters Starting Next June
PLANSPONSOR; free registration may be required Link to more items from this source
[Guidance Overview]
Nov. 9, 2022

"Under Revenue Procedure 2022-40 the determination letter process will now become available to 403(b) plans.... It will streamline the process of plan adoption and make it more similar to the process for qualified retirement plans, like 401(k) plans.... [T]hough this is 'good news for many,' those sponsors of long-standing 403(b) plans that seek determination letters may have long-standing flaws revealed as part of the process."

Tags: 403(b) Plans and Annuities  •  Retirement Plan Amendments

IRS Expands Determination Letter Program for 403(b) Retirement Plans
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
Nov. 9, 2022

"Starting June 1, 2023, determination letter applications may be submitted for: [1] Initial plan determination. [2] Determination upon plan termination. [3] Other circumstances specified by the IRS. The application date for initial plan determinations, however, will be staggered over a three-year period (June 1, 2023, June 1, 2024, and June 1, 2025) and will be determined by the last digit of the plan sponsor's employer identification number (EIN)."

Tags: Retirement Plan Amendments

Text of IRS Rev. Proc 2022-40: Rulings and Determination Letters for Individually Designed Qualified and Section 403(b) Plans (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 7, 2022

22 pages. "[A] Plan Sponsor that maintains a section 403(b) individually designed plan will be permitted to submit a determination letter application for an initial plan determination, for a determination upon plan termination, and in certain other circumstances identified by the IRS ... The earliest date a Plan Sponsor will be permitted to submit a determination letter application for a section 403(b) individually designed plan is June 1, 2023 ...

"This revenue procedure also [1] incorporates modifications of Rev. Proc. 2016-37 set forth in Rev. Proc. 2019-20 ... relating to the submission of determination letter applications for a determination with respect to Merged Plans, (2) clarifies and modifies the provisions of Rev. Proc. 2019-39 ... that relate to the Remedial Amendment Period for section 403(b) individually designed plan Form Defects first occurring after June 30, 2020, [3] extends the expiration of the Remedial Amendment Period for new qualified individually designed plans, [4] modifies the circumstances under which a plan is considered to have been issued an initial plan determination, and [5] modifies the scope of review of qualified individually designed plans submitted under the determination letter program.

"This revenue procedure does not modify or restate the provisions of Rev. Proc. 2016-37 relating to qualified pre-approved plans."

Tags: 403(b) Plans and Annuities  •  Retirement Plan Amendments

Editor's Pick 2022 Retirement Plan Year-End Amendments and Operational Compliance
Groom Law Group Link to more items from this source
[Guidance Overview]
Nov. 4, 2022

"While there are few, if any, required plan amendments for 2022, plan sponsors must remain diligent about amendment deadlines, operational compliance with changes in law, and ensuring later-adopted plan amendments accurately reflect plan operations."

Tags: Retirement Plan Amendments

Year End SECURE Act Deadline Looms for Tax-Exempt 457(b) Plans
E is for ERISA Link to more items from this source
[Guidance Overview]
Nov. 2, 2022

"Despite an extension granted to qualified plans, Section 403(b) plans, and governmental Section 457(b) plans to make necessary amendments under the SECURE Act, no extension past December 31, 2022 currently applies for Section 457(b) plans maintained by private tax-exempt organizations.... [A]bsent future guidance from IRS, these plans must be amended by the end of this year to incorporate the SECURE Act's changes to required minimum distribution provisions."

Tags: 457 Plans  •  Retirement Plan Amendments  •  SECURE Act

IRS Provides Relief for 2021 and 2022 Post-Death Required Minimum Distributions Under 10-Year Rule
Morgan Lewis Link to more items from this source
[Guidance Overview]
Oct. 26, 2022

"Plan administrators should discuss this relief with recordkeepers and third-party administrators to confirm whether their plans need to take advantage of this relief or whether they have been administered in line with the proposed regulations.... [P]plan administrators should consider whether changes to summary plan descriptions or other participant communications may be desirable."

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Amendments

Maintaining Plan Documents and Procedures for Retirement Plan Required Minimum Distributions (PDF)
Mintz, via Journal of Pension Benefits Link to more items from this source
[Guidance Overview]
Oct. 20, 2022

"Plan sponsors and fiduciaries should clearly communicate plan rules and update their documents and procedures to ensure that required minimum distributions are timely taken, especially since the rules have changed in recent years."

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Administration  •  Retirement Plan Amendments

IRS Announces 'RMD-elay' for New Rules
Eversheds Sutherland Link to more items from this source
[Guidance Overview]
Oct. 14, 2022

"[Notice 2022-53] provides that excise taxes and tax disqualification will not apply to failures by beneficiaries to take annual distributions under the RMD 10-Year Rule (defined below) for calendar years 2021 and 2022.... The Notice provides that the final RMD regulations will apply 'no earlier than the 2023 distribution calendar year.' Before this extension, the proposed regulations stated that the final regulations were to apply to RMDs for the 2022 calendar year."

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Amendments

IRS Extends Helpful RMD Rule Transition Relief
Ice Miller LLP Link to more items from this source
[Guidance Overview]
Oct. 11, 2022

"In recognition that RMDs may not have been made in 2022 in compliance with the Proposed Rule, or in 2021 consistent with what the IRS would consider a good faith interpretation of the SECURE Act, the IRS issued Notice 2022-53 to provide transition relief for 2021 and 2022. Additionally, Notice 2022-53 states that the final RMD rule will not apply to RMDs any earlier than 2023."

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Amendments

IRS Issues Update on Certain RMD Rules for 2021 and 2022
planadviser Link to more items from this source
[Guidance Overview]
Oct. 11, 2022

"The guidance for certain RMDs for 2021 and 2022 states that a DC plan that failed to make a specified RMD will not be treated as having failed to satisfy Internal Revenue Code section 401(a)(9) because it did not make that distribution. Additionally, for taxpayers who did not take a specified RMD, the IRS will not assert an excise tax under IRC section 4974."

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Amendments

Text of IRS Notice 2022-53: Certain Required Minimum Distributions for 2021 and 2022 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Oct. 7, 2022

"This notice announces that the [Treasury Department and the IRS] intend to issue final regulations related to required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code that will apply no earlier than the 2023 distribution calendar year. In addition, this notice provides guidance related to certain provisions of section 401(a)(9) that apply for 2021 and 2022."

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Amendments

Retirement Plan Sponsors Have Short 2022 Year-End Amendment List
Mercer Link to more items from this source
[Guidance Overview]
Oct. 7, 2022

"Parts of 2020 Required Amendments List still due in 2022... [1] Difficulty-of-care payments under the SECURE Act.... [2] CARES Act expansion of CSEC plans.... [3] Periodic updates not specifically mentioned on RA List."

Tags: Retirement Plan Amendments

IRS Extends Additional Deadlines for Certain Tax-Qualified Plan Amendments
Sidley Austin LLP Link to more items from this source
[Guidance Overview]
Oct. 6, 2022

"[Notice 2022-45] delays deadlines to adopt amendments under Section 2202 of the CARES Act regarding [1] favorable tax treatment with respect to coronavirus-related distributions, [2] increases in permissible loan amounts, and [3] delaying repayment of plan loans. The Notice also delays the deadline to adopt amendments under Section 302 of the Relief Act, which provides favorable tax treatment with respect to qualified disaster distributions."

Tags: Retirement Plan Amendments

Year-End Amendment Deadlines Extended: CARES and 2020 Relief Act
Groom Law Group Link to more items from this source
[Guidance Overview]
Sept. 29, 2022

"While perhaps unexpected, these additional extensions allow the adoption of SECURE Act, Miners Act, CARES Act, and 2020 Relief Act changes with a single amendment. As a result, most plans will not be required to adopt IRS required changes this year. But, of course, plan sponsors who want to amend their plans now to reflect the CARES Act and 2020 Relief Act provisions, while still somewhat fresh in their mind, can proceed with little concern."

Tags: CARES Act  •  Retirement Plan Amendments

SECURE and CARES Amendments Deadline Postponed But Plans Should Still Review Year-End Needs
Davis Wright Tremaine LLP Link to more items from this source
[Guidance Overview]
Sept. 28, 2022

"While the IRS in Notice 2022-33 and Notice 2022-45 extended the deadline for retirement plans to adopt the amendments required by the SECURE Act and the CARES Act until December 31, 2025, there are still some amendments and other actions that may be required by the end of 2022.... [I]ndividually designed plans can choose to adopt amendments reflecting the SECURE Act and CARES Act changes despite the postponement ... There is value in keeping a plan up to date with operational changes."

Tags: CARES Act  •  Retirement Plan Amendments  •  SECURE Act

Text of IRS Notice 2022-45, Extending Time for Plan Amendments for Coronavirus and Qualified Disaster Distributions Under the CARES Act and CAA 2021 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Sept. 26, 2022

"This notice extends the deadline for amending an eligible retirement plan (including an individual retirement arrangement (IRA) or annuity contract) to reflect the provisions of section 2202 of the [CARES Act], and ... Division EE of the Consolidated Appropriations Act ... Among other things, section 2202 of the CARES Act and section 302 of the Relief Act provide special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution, respectively.

"Under this notice, the extended amendment deadline applicable to [1] a qualified retirement plan or section 403(b) plan that is not a governmental plan or [2] an IRA is December 31, 2025. Later deadlines apply with respect to governmental retirement plans (including governmental plans under section 457(b) of the Internal Revenue Code ... With respect to an amendment made to reflect provisions of section 2202 of the CARES Act, the period during which the amendment is eligible, if applicable, for relief from the anti-cutback requirements of section 411(d)(6) of the Code or section 204(g) of [ERISA], is extended to the applicable extended plan amendment deadline."

Tags: Misc. Distribution Issues  •  Retirement Plan Amendments

Editor's Pick Amend Your Retirement Plans This Year for SECURE Act and CARES Act Changes
Verrill Dana LLP Link to more items from this source
[Guidance Overview]
Sept. 23, 2022

"[P]lan sponsors will be best served by amending their plans this year ... [M]ost retirement plans have been operated in accordance with some or all of the required and optional provisions of these laws since 2020. Further delay in the adoption of formal plan amendments will simply compound the opportunity for errors ... [C]onfusion and uncertainty may result if a plan sponsor maintains a retirement plan in misalignment with disclosure materials for an extended period."

Tags: CARES Act  •  Retirement Plan Amendments  •  SECURE Act

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