COVID-19 Resources

COVID-19 Resources

Understanding the CARES Act: Contribution Deadline & Defined Benefit Funding Relief

Contribution Deadline and Defined Benefit Funding Relief. Some contribution deadlines have been extended and certain defined benefit (DB) plans are eligible for funding relief.

A Message to Our Friends and Partners

On behalf of all of us at FuturePlan, we extend our wishes for a full recovery to those directly affected by COVID-19, and our deepest sympathies to those who have lost loved ones. Our heartfelt thanks go out to the medical professionals, first responders, and essential workers who are saving lives and sustaining our communities.

Message from David Musto, CEO of Ascensus

It’s safe to say that the environment in which we’re living and coping today is unlike any most of us have seen in our lifetimes. Worry for our own health and that of our loved ones, challenges to the operation of virtually every type of business, social distancing, travel restrictions, and startling global financial market volatility sometimes feel beyond our ability to process.

Pandemic Preparedness and Response Statement

As a business division of Ascensus, FuturePlan has maintained a Pandemic Preparedness plan since day one. It is one component of our larger Business Continuity planning process.

FuturePlan Supports Small Businesses

Small businesses are the backbone of the American economy. With these businesses and their workers bearing the brunt of the hardship associated with the coronavirus (COVID-19) pandemic, it’s incumbent on the financial services industry to do whatever we can to support them. Many believe that this support will come mainly through federal relief, and that smart legislation—providing financial stimulus and other appropriate relief—will help right the ship.

Our COVID-19 Response

At Ascensus, we consider the safety and wellbeing of our clients and associates to be paramount. Our service and leadership teams have been closely monitoring the global spread of COVID-19 and have been making proactive adjustments to our operations in order to ensure the continued service and expertise you count on.

Regulatory Updates

IRS Announces Deadline Relief for Alabama Victims of Hurricane Sally

The IRS has announced an extension of deadlines for completing certain time-sensitive tax-related acts for Alabama victims of Hurricane Sally.

DOL’s Proposed Rule Solidifies Shareholder’s Rights

On August 31, 2020, the DOL issued a proposed rule to clarify an ERISA fiduciary’s duties related to shareholder rights, including proxy voting on corporate stock.

DOL to Clarify Employee or Independent Contractor Status

The DOL has issued a notice of proposed rulemaking to clarify “the definition of ‘employee’ under the FLSA as it relates to independent contractors.”

Interim Final Rule Published for Lifetime Income Projections

A DOL EBSA interim final rule is published in the Federal Register to guide DC retirement plans that must furnish projections of potential lifetime income streams to participants

IRS Extends Tax Filing Deadlines for Oregon Wildfire Victims

IR-2020-215 announces a tax filing and payment deadline extension for certain persons and businesses affected by recent wildfires and straight-line winds Oregon.

Legislation Would Allow Delay of 2020 Retirement Contributions

S. 4539 has been introduced with COVID-19 liability protection for businesses and healthcare providers, a tax credit for employer COVID-19 testing, and several retirement provisions.

Washington Pulse: IRS Provides Additional SECURE Act Guidance

IRS Notice 2020-68 provides guidance on the SECURE Act, and on the Bipartisan American Miners Act, which is also part of FCAA.

IRS Posts Updated Yield Curves and Segment Rates for DB Plans

The IRS has posted Notice 2020-72, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

DOL Revises Emergency Leave Rule Following Court Decision

The DOL has issued a revision and clarification to guidance that implemented emergency paid sick leave and expanded family and medical leave under the Emergency Leave Rule.

IRS Extends Due Date for Certain DB Plan Excise Taxes

The IRS has postponed the due date for reporting and paying an excise tax that results from a delay in making certain minimum required contributions to single-employer DB pension plans.