The IRS on Nov. 21 announced that there will be no changes to the required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b) for 2022. The IRS made the announcement in Notice 2022-62.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2022-40, in the case of an individually designed qualified or section 403(b) plan that is not a governmental plan within the meaning of section 414(d), the remedial amendment period for (1) a disqualifying provision or (2) a form defect first occurring after June 30, 2020—that arises as a result of a change in qualification requirements or section 403(b) requirements—expires on the last day of the second calendar year that begins after the issuance of the RA List on which the change in qualification requirements or Section 403(b) requirements appears.
Under Section 5.03(1)(c) and Section 6.01 of Rev. Proc. 2022-40, Dec. 31, 2024, generally is both the last day of the remedial amendment period and the plan amendment deadline regarding:
- a disqualifying provision arising as a result of a change in qualification requirements that appears on the 2022 RA List, and
- a form defect arising as a result of a change in section 403(b) requirements that appears on the 2022 RA List.
Later dates may apply to a governmental plan within the meaning of Code Section 414(d), in accordance with Section 5.03(2)(c) of Rev. Proc. 2022-40.
Section 7 of Rev. Proc. 2022-40 provides that the Treasury Department and the IRS publish an annual RA List. In general, a change in qualification requirements or section 403(b) requirements will not appear on an RA List until guidance regarding that change (including, in certain cases, model amendments) has been provided in regulations or in other guidance published in the IRB.
However, at the discretion of the Treasury Department and the IRS, a change in qualification requirements or Section 403(b) requirements may be included on an RA List in other circumstances, such as in cases in which a statutory change is enacted and the Treasury and the IRS anticipate that no guidance will be issued.
2022 Required Amendments List
There are no entries listing changes in qualification requirements on the 2022 RA list.
Information about the 2021 RA list is here.
About RA Lists
In general, an RA List includes statutory and administrative changes in requirements that are first effective during the plan year in which the list is published. However, an RA List does not include guidance issued or legislation enacted after the list has been prepared and also does not include:
- statutory changes in requirements for which the Treasury Department and the IRS expect to issue guidance (which would be included on an RA List issued in a future year);
- changes in requirements that permit, but do not require, optional plan provisions, in contrast to changes in requirements that cause existing plan provisions to become disqualifying provisions or 403(b) form defects; or
- changes in the tax laws affecting qualified individually designed plans or 403(b) individually designed plans that do not change the requirements.
The RA List is divided into two parts. Part A covers changes in requirements that generally would require an amendment to most plans or to most plans of the type affected by the change. Part B covers changes in requirements that the Treasury Department and the IRS anticipate will not require amendments to most plans, but might require an amendment because of an unusual plan provision in a particular plan.
Annual, monthly, or other periodic changes to the following are treated as included on the RA List for the year in which such changes are effective even though they are not directly referenced on that RA List:
- the various dollar limits that are adjusted for cost-of-living increases as provided in section 415(d) or other Internal Revenue Code provisions;
- the spot segment rates used to determine the applicable interest rate under section 417(e)(3); and
- the applicable mortality table under Code Section 417(e)(3).
The fact that a change in a requirement is included on the RA List does not necessarily mean that a plan must be amended due to that change. Each plan sponsor must determine whether a particular change in a requirement requires an amendment to its plan.
RA Notices Available
Notice 2022-62 will be published in Internal Revenue Bulletin 2022-49 on Dec. 5, 2022.
Past notices regarding required amendments going back to 2016 are available here.