The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) required most retirement plans, including non-governmental 457(b) plans of tax-exempt entities, to implement certain changes during 2020. Under the SECURE Act, the original deadline to amend most retirement plans was the last day of the first plan year beginning on or after January 1, 2022 (for a calendar plan year, December 31, 2022). Although the IRS extended the deadline for the vast majority of retirement plans, they did not extend the deadline for non-governmental 457(b) plans of tax-exempt entities.
In Notice 2022-33, the IRS announced an extension of the deadline to make required year-end changes under the SECURE Act for all types of plans, except for non-governmental, tax-exempt 457(b) plans. The IRS then issued additional guidance in Notice 2022-45, extending the deadline to adopt amendments under applicable provisions of other laws. Notably, Notice 2022-45 did not provide a SECURE Act amendment extension to non-governmental 457(b) plans.
Without further guidance from IRS, December 31, 2022, is still the deadline to amend calendar year non-governmental 457(b) plans to conform with the required provisions of the SECURE Act. Please reach out to legal counsel or your 457(b) plan document provider as soon as possible for the necessary amendments so that the amendments can be adopted before year end.