The requirement that the Secretary of Treasury issue guidance that allows custodial accounts to be distributed in-kind to participants and beneficiaries on termination of a 403(b) plan (Section 110 of the SECURE Act).

Revenue Ruling 2020-23, which provides that 403(b) plans funded through individual or group 403(b)(7) custodial accounts can be terminated through the distribution of individual custodial accounts to participants and beneficiaries (see Legal Update, IRS Issues 403(b) Plan Guidance Under the SECURE Act).

The requirement that qualified cash or deferred arrangements allow long-term employees working between 500 and 1,000 hours per year to participate (Section 112 of the SECURE Act). This change is listed on the Operational Compliance List as effective in 2021.

IRS Notice 2020-68, which provides Q&A guidance on:

(See Legal Update, IRS Notice 2020-68 Provides Guidance on SECURE Act and Miners Act Provisions Affecting Retirement Plans.)

IRS Notice 2020-86, which provides Q&A guidance on:

(See Legal Update, IRS Notice 2020-86 Provides Guidance on SECURE Act Provisions Affecting Safe Harbor Plans.)

Under Section 208 of the Disaster Tax Relief Act, certain employees in the building and construction industries who are age 55 or older (rather than age 59 ½ and older) and who are receiving retirement benefits from multiemployer plans are permitted to work and receive such benefits.

Under Section 209 of the Disaster Tax Relief Act, plans are not treated as having a partial termination under Internal Revenue Code Section 411(d)(3) (26 U.S.C. § 411(d)(3)) during a plan year that includes the period between March 13, 2020, and March 31, 2021, provided the number of active participants covered by the plan on March 31, 2021, is at least 80% of the number of active participants covered on March 13, 2020.

Under Section 302 of the Disaster Tax Relief Act, plans may offer special disaster relief to participants affected by disasters declared between January 1, 2020, and February 25, 2021. This relief includes qualified disaster distributions, suspension of loan repayments, and higher limits for loans. Plan amendments for the disaster relief are due the last day of the first plan year beginning on or after January 1, 2022.

Section 104 of the Miners Act, which lowered the age for in-service distributions from retirement plans from 62 to 59.5.

The deadline for amending qualified plans, 403(b) plans, governmental 457(b) plans, and IRAs to reflect Section 104 of the Miners Act.

Section 2202 of the CARES Act allows penalty-free coronavirus-related distributions of up to $100,000 from retirement plans made on or after January 1, 2020, and before December 31, 2020. The limits on plan loans are increased for loans made during the 180-day period beginning on March 27, 2020, and ending September 22, 2020. For eligible participants with outstanding loans on or after March 27, 2020, any loan repayment due between March 27, 2020, and December 31, 2020, is delayed by one year. Plan amendments for the coronavirus-related distribution and plan loan changes are due the last day of the first plan year beginning on or after January 1, 2022.

IRS Notice 2020-50, which provides guidance on coronavirus-related distributions and loans (see Legal Update, IRS Notice 2020-50 Provides Guidance on Coronavirus-Related Distributions and Loans Under the CARES Act).

The waiver of the RMD requirements for 2020 under Section 2203 of the CARES Act. Plan amendments for the RMD waiver are due by the end of the plan year beginning on or after January 1, 2022 (January 1, 2024 for governmental plans).

IRS Notice 2020-51, which provides guidance regarding the waiver of 2020 RMDs (see Legal Update, IRS Provides Guidance on Required Minimum Distributions Under the CARES Act and SECURE Act).

Section 3609 expands the definition of "cooperative and small employer charity pension plan" to include defined benefit plans maintained by certain tax-exempt employers.