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 Posts Updated DB Plan Yield Curves and Segment Rates

The IRS has posted Notice 2020-81, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

Pooled Plan Provider Registration Regulations Published

Final regulations from the DOL outlining registration requirements for pooled plan providers of pooled employer plans were published.

Extended Due Date for Single-Employer DB Contributions

The IRS has clarified that contributions to single-employer DB plans due January 1, 2021, under the CARES Act are considered timely if they are made no later than January 4, 2021.

DOL Final ESG Guidance Published

The DOL’s final rule on environmental, social, and governance (ESG) investments is published in the Federal Register.

DOL Issues Final PEP Registration Regulations

The EBSA has issued a pre-publication version of final regulations on registration requirements for "pooled plan providers," (PEPs).

Updated Life Expectancy Tables Published

The IRS has provided updated life expectancy tables.

Final Rule on Transparency In Healthcare Coverage

Federal agencies jointly issue final rule on transparency in healthcare coverage intended to make healthcare price information accessible for comparison-shopping.

In-Kind Distribution of Terminating 403(b) Accounts

The IRS has issued a ruling describing the status and tax treatment of certain 403(b)(7) custodial accounts belonging to participants or beneficiaries of terminating 403(b) plans.

IRS Updates Life Expectancy Tables for Determining RMDs

The IRS has issued a pre-publication version of final regulations that update life expectancy tables for determining RMDs for tax-qualified retirement savings arrangements.

Tax Benefits for Retirement Distributions for LTC Insurance

Proposed legislation would permit tax-free retirement savings distributions of up to $2,500 per year—indexed for inflation—that are used to purchase long-term care insurance.