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 posted Notice 2020-81, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Final regulations from the DOL outlining registration requirements for pooled plan providers of pooled employer plans were published.
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.
The DOL’s final rule on environmental, social, and governance (ESG) investments is published in the Federal Register.
The EBSA has issued a pre-publication version of final regulations on registration requirements for "pooled plan providers," (PEPs).
The IRS has provided updated life expectancy tables.
Federal agencies jointly issue final rule on transparency in healthcare coverage intended to make healthcare price information accessible for comparison-shopping.
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.
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.
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.