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

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2022-7, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

IRS Issues Deadline Relief for Tennessee Storm Victims

The IRS postpones certain tax-related deadlines for Tennessee storm victims.

PBGC’s 2022 Inflation Adjustments for Civil Penalties

The PBGC has published inflation-adjusted penalty amounts for failure to provide certain notices or other material information.

New Retirement Payment Withholding Procedure is (Finally) Final

Tax payers and individuals will have a new process for calculating and electing federal income tax withholding on retirement distributions.

IRS Guidance on SEPPs from QRPs

IRS’s guidance on whether periodic payments from an individual account under a qualified retirement plan are considered a series of substantially equal periodic payments.

IRS Announces Applicable Federal Rates for February 2022

The IRS has issued the applicable federal rates for February 2022.

IRS Releases Draft Publication 15-A

The IRS released a draft of the 2022 Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Pub. 15, Employer’s Tax Guide).

DOL Announces 2022 Inflation Adjustments for Civil Penalties

The DOL has published several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

Deadline Relief for Washington Flooding and Mudslide Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of flooding and mudslides in Washington.

EBSA Addresses COVID-19 Testing Coverage Questions

On January 10, 2022, the Department of Labor’s Employee Benefits Security Administration, issued a new set of FAQs.