SECURE 2.0, signed into law on December 29, 2022, contains over 90 provisions aimed at modernizing tax-qualified retirement plans. The vast majority of qualified plan sponsors will need to amend their plans for SECURE 2.0, both mandatory and optional changes. The December 31, 2026 deadline for SECURE 2.0 amendments is approaching, with some plan sponsors opting to begin amending their plans sooner.

On August 26, 2025, the Puerto Rico Treasury Department ("PR Treasury") issued Administrative Determination No. 25-03 ("AD No. 25-03"), directed to dual-qualified plans (retirement plans that are qualified under the Puerto Rico tax code and the US federal tax code). AD No. 25-03 provides that amendments for SECURE 2.0 provisions – whether optional or mandatory – do not constitute Qualification Amendments. This clarification is important because under long-standing PR Treasury guidance (Tax Policy Circular Letter No. 16-08), a Qualification Amendment must be submitted to the PR Treasury for a new determination letter (even if the plan already has a recent determination letter). 

Under AD No. 25-03, the SECURE 2.0 amendments that will not be considered Qualification Amendments include, but are not limited to:

• adding the long-term part-time employee changes
• increasing the mandatory cash-out from $5,000 to $7,000
• addressing the required minimum distribution (RMD) rules
• adding a match on student loan payments

Dual-qualified plan sponsors should keep in mind that the relief under AD No. 25-03 is limited to SECURE 2.0 amendments. If other amendments are adopted at the same time as SECURE 2.0 changes, those amendments must still be analyzed under existing PR Treasury guidance to determine whether a determination letter filing is required.