IRS Releases List of Required Amendments for 403(b) Plans
The IRS recently issued Notice 2022-62, including a list of required amendments for Section 403(b) plans, which are retirement plans for certain employees of public schools and Section 501(c)(3) tax-exempt organizations and certain ministers.
The new notice provides the conclusion of the remedial amendment period and plan amendment deadline for changes in qualification requirements and Section 403(b) requirements for qualified individually designed plans and individually designed plans.
The notice also contains the 2022 required amendments list, which is split into two parts. Part A covers changes in requirements that usually would require an amendment to most plans or to most plans of the affected type. Part B covers changes in requirements that the Treasury Department and IRS do not expect to require for most plans but may require an amendment due to an unusual provision in a particular plan.