The Internal Revenue Service (IRS) announced in Notice 2024-2 that it is extending the deadline for collectively bargained retirement plans, 401(k) plans, 403(b) plans of non-profit organizations, and other retirement plans to update their documents to align with revisions mandated by the SECURE Act, the SECURE 2.0 Act, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the Taxpayer Certainty and Disaster Tax Relief Act.
Per the IRS’s announcement: (1) collectively bargained plans must be amended by December 31, 2028; (2) qualified plans that are not collectively bargained, as well as most 403(b) plans and trusts governing IRAs must be amended by December 31, 2026; and (3) governmental plans must be amended by December 31, 2029.