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.
The IRS has announced an extension of deadlines for completing certain time-sensitive tax-related acts for Alabama victims of Hurricane Sally.
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.
The DOL has issued a notice of proposed rulemaking to clarify “the definition of ‘employee’ under the FLSA as it relates to independent contractors.”
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
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.
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.
IRS Notice 2020-68 provides guidance on the SECURE Act, and on the Bipartisan American Miners Act, which is also part of FCAA.
The IRS has posted Notice 2020-72, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
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.
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.