Contribution Deadline and Defined Benefit Funding Relief. Some contribution deadlines have been extended and certain defined benefit (DB) plans are eligible for funding relief.
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.
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.
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.
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.
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.
Representative Jim Himes (D-CT) and Senator Mark Warner (D-VA) have announced legislation to establish universal, portable retirement accounts.
The IRS has issued Notice 2021-54, which contains updated guidance on factors used in certain DB pension plan minimum funding and present value calculations.
Proposed House Budget Reconciliation Amendment Includes IRA Restrictions
The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer DB pension plans.
The DOL’s EBSA, in conjunction with the IRS and PBGC, have released proposed forms revisions modifying requirements for Form 5500, Annual Return/Report of Employee Benefit Plan, reporting.
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Pennsylvania.
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Tropical Storm Fred in North Carolina.
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in New Jersey.
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Mississippi.
The IRS has issued its initial 2021-2022 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year.