How Does SECURE 2.0 Affect The Due Date for SECURE and CARES Act Plan Amendments?

Q: I read your recent Ask the Experts column on the due date for SECURE and CARES Act plan amendments. Has any of this changed, now that the SECURE 2.0 Act has become law?

Kimberly Boberg, Taylor Costanzo, Kelly Geloneck and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:

A: Indeed, it has! The SECURE 2.0 Act [of 2022] extended the amendment deadline for nearly all recent legislation, including the original Setting Every Community Up for Retirement Enhancement Act [SECURE Act of 2019] and the Coronavirus Aid, Relief, and Economic Security Act of 2020, the CARES Act, until the end of the 2025 plan year (or the end of the 2027 plan year for certain governmental and collectively bargained plans). This extension includes the amendment deadline for private, tax-exempt 457(b) plans cited in our recent column, which was the end of the 2022 plan year, but is now also the end of the 2025 plan year.

Please note that these are only deadlines for legally required plan amendments. Discretionary amendments for 2022 would still be subject to a 2022 plan year-end deadline.

NOTE: This feature is to provide general information only, does not constitute legal advice and cannot be used or substituted for legal or tax advice.

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