News | 03.29.22
IRS Urged to Extend Qualified Plan Amendment Deadline
The Internal Revenue Service (IRS) should release guidance extending the deadline for amending qualified plan documents to meet revised required minimum distribution rules, a coalition of organizations involved in retirement benefits administration said in a letter released Tuesday. The letter, dated Friday, said the IRS should push back the deadline for qualified plans and individual retirement accounts to amend documents to satisfy the Setting Every Community Up for Retirement Enhancement Act from the default of the final day of the first plan year starting January 2022 or after. The guidance should instead place the deadline on the last day of the first plan year after the final required minimum distribution regulations go into effect or the IRS publishes updated listings of required modifications, the letter stated.
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