IRS extends deadline for amending IRA plans until end of 2027

The Internal Revenue Service issued a notice Monday extending the deadline for making certain amendments to individual retirement accounts, Simplified Employee Pension arrangements and Savings Incentive Match Plan for Employees IRA plans until Dec. 31, 2027.

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Notice 2026-09 provides guidance on amendments under the SECURE 2.0 Act of 2022 for individual retirement arrangements and annuities, an employer’s SEP arrangement, and an employer’s SIMPLE IRA plan. The notice says the Treasury Department and the IRS have extended the deadline to make certain amendments for IRAs, SEP arrangements and SIMPLE IRA plans to Dec. 31, 2027.

The Treasury and the IRS are still developing model language that can be used by IRA trustees, custodians and issuers to amend an IRA to comply with various provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019, the SECURE 2.0 Act of 2022 as well as the CARES Act of 2020, and various regulations, so the deadline to amend an IRS is being extended until at least Dec. 31, 2027, or a later date as the Treasury Secretary prescribes in guidance for the following documents: (1) the written governing instrument for an IRA that is an individual retirement account under Section 408(a) or (h) of the Tax Code, (2) the contract issued by an insurance company with respect to an IRA that is an individual retirement annuity under Section 408(b), (3) an employer’s SEP arrangement under Section 408(k), or (4) an employer’s SIMPLE IRA plan under Section 408(p).