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 released final regulations regarding the mandatory 60-day postponement of deadlines for certain time-sensitive, tax-related acts in circumstances of federally declared disasters.
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Louisiana victims of severe storms and flooding.
The legislation would provide a penalty-free “emergency personal expense distribution” option from employer-sponsored retirement plans and IRAs.
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for West Virginia victims of severe storms, straight-line winds, tornadoes and flooding.
The IRS has issued a revised 2020 Publication 590-B intended to clarify the application of required minimum distribution (RMD) rules under the SECURE Act.
Senators Rob Portman (R-OH), and Ben Cardin (D-MD), have introduced the Retirement Security and Savings Act of 2021, legislation that was last introduced in 2019.
Last week, President Biden issued an Executive Order on Climate-Related Financial Risk.
Last week, Senators Tina Smith and Patty Murray introduced the Financial Factors in Selecting Retirement Plan Investment Act.
Senator Charles Grassley (R-IA), along with co-sponsors Maggie Hassan (D-NH) and James Lankford (R-OK), have re-introduced the Improving Access to Retirement Savings Act.
The IRS has issued Notice 2021-33, which contains updated guidance on defined benefit (DB) pension plan minimum funding and present value calculations.