Notice 2021-64: Required amendments list (2021) for qualified retirement plans and 403(b) plans

The last day of the remedial amendment period and the plan amendment deadline is December 31, 2023.

Qualified retirement plans and 403(b) plans

The IRS today released an advance version of Notice 2021-64 providing the “2021 required amendments list”—in general, a list of statutory and administrative changes in requirements that are first effective during the plan year in which the list is published.

Background

The required amendments 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 includes changes in requirements that the Treasury Department and IRS anticipate will not require amendments to most plans but might require an amendment because of an unusual plan provision in a particular plan.

The required amendments list applies to both: (1) individually designed plans qualified under section 401(a); and (2) individually designed plans that satisfy the requirements of section 403(b). 

2021 required amendments list

Notice 2021-64 [PDF 168 KB] sets out the Part A and Part B required amendments list for 2021, as follows:

  • The Part A changes generally require an amendment to most plans concerning a special financial assistance program for financially troubled multiemployer plans (pursuant to the “American Rescue Plan Act of 2021”). The sponsor of an eligible multiemployer plan may apply to the Pension Benefit Guaranty Corporation (PBGC) to receive special financial assistance, provided certain conditions are satisfied. Code section 432(k) provides rules relating to an eligible multiemployer plan that applies to PBGC for special financial assistance, and further provides that an eligible multiemployer plan receiving special financial assistance must reinstate any benefits that were suspended, effective as of the first month in which the effective date for the special financial assistance occurs. An eligible multiemployer plan must also provide payments equal to the amount of benefits previously suspended to any participants or beneficiaries in pay status as of the effective date of the special financial assistance, payable as determined by the plan as a lump-sum within three months of the effective date or in equal monthly installments over a period of five years, commencing within three months of the effective date, with no adjustment for interest. Lastly, an eligible multiemployer plan that receives special financial assistance must be amended to provide make-up payments to individuals who are participants or beneficiaries on, and who have commenced benefits by, the date the special financial assistance is paid to the plan.
  • Under Part B, Notice 2021-64 states that there are no changes in requirements that may require an amendment.

In general, the last day of the remedial amendment period and the plan amendment deadline is December 31, 2023.

 

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