| Employee Plans News | September 12, 2024 |
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Notice 2024-02 extended and consolidated the deadlines for a retirement plan to amend for SECURE Act of 2019, the CARES Act, the Taxpayer Certainty and Disaster Tax Relief Act of 2021, and the SECURE 2.0 Act (the Acts).
The deadlines for a plan to amend for changes in the Acts are extended as follows:
- A qualified plan that is not a governmental plan (within the meaning of IRC 414(d)) or an applicable collectively bargained plan must be amended by December 31, 2026.
- An applicable collectively bargained plan must be amended by December 31, 2028.
- A governmental plan (within the meaning of IRC 414(d)) must be amended by December 21, 2029.
- A 403(b) plan sponsored by a public school must be amended by December 31, 2029.
- A 403(b) plan that is an applicable collectively bargained plan of a 501(c)(3) must be amended by December 31, 2028.
- A 403(b) plan that is not maintained by a public school must be amended by December 31, 2026.
- An eligible 457(b) plan sponsored by a state or local government entity must be amended by the later of:
- December 31, 2029, or
- If applicable, the first day of the plan year beginning more than 180 days after the date of notification by the secretary of the Treasury that the plan was administered in a manner inconsistent with Section 457.
- A trust governing an IRA that is an individual retirement account or the contract issued by an insurance company with respect to an IRA that is an individual retirement annuity must be amended by December 31, 2026, or such later date the Secretary prescribes in guidance.
Plan amendments must be retroactive to cover the affected periods. The plan must also operate in accordance with any required plan amendment prior to adoption of the amendment. For more information, see Notice 2024-02 and Revenue Procedure 2022-40.
Forms 4461-A and 4461-C electronic submission
The IRS has revised Form 4461-A, Application for Approval of Standardized or Nonstandardized Pre-Approved Defined Benefit Plan, and Form 4461-C, Application for Approval of Standardized or Nonstandardized 403(b) Pre-Approved Plan, and their instructions, to be submitted electronically.
Beginning September 1, 2024, applications for approval of pre-approved plans on Forms 4461-A and 4461-C must be submitted electronically online at Pay.gov. Paper submissions postmarked after August 31, 2024, will not be processed.
The electronic filing requirement affects applications for Cycle 1 403(b), Cycle 2 403(b), and Cycle 3 DB opinion letters. Please indicate in your cover letter accompanying the Form 4461-C application for your 403(b) pre-approved plan if it is for Cycle 1 or Cycle 2.
Each Pay.gov submission will accept one additional PDF file of up to 15MB. You may fax additional documents, up to 150MB per fax, to 844-255-4818. Include the Pay.gov tracking number from the confirmation e-mail and the applicant’s name on the fax coversheet.
See both Rev Proc 2021-37 and Rev Proc 2023-37 for the latest rules regarding qualified pre-approved plans.
Find answers to many of your retirement plan or IRA questions at IRS.gov/Retirement.
If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services at 877-829-5500.
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