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

Adeyemo Confirmed as Deputy Secretary of the Treasury

Wally Adeyemo has been confirmed as Deputy Secretary of the Treasury after the Senate approved him in a bipartisan voice vote.

Congress Votes to Extend Paycheck Protection Program

A proposal to extend the Paycheck Protection Program (PPP) through the end of May has passed the Senate by a vote of 92-7. 

Updated Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2021-22, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

Marty Walsh Confirmed as Secretary of Labor

Former Boston Mayor Marty Walsh was confirmed on Monday as Secretary of the Department of Labor (DOL). 

IRS Announces Extension to File Tax Return

The IRS has announced that tax filing due dates for 2020 tax year federal income tax returns will be automatically extended from April 15, 2021, to May 17, 2021.

Deadline Relief for Louisiana Victims of Storms

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Louisiana winter storm victims. 

DOL Proposes Withdrawal of Independent Contractor Rule

The Department of Labor (DOL) Wage and Hour Division has proposed to withdraw the independent contractor rule, which has not yet taken effect. 

President Signs Amended COVID-19 Relief Legislation

President Biden has signed into law the American Rescue Plan Act one day after the House of Representatives voted to pass the amended package. 

House Passes Amended COVID-19 Relief Bill

Following Senate passage, the House of Representatives has passed the American Rescue Plan Act of 2021 to provide additional relief to address the continued impact of COVID-19. 

DOL Announces Non-Enforcement of ESG and Proxy Rules

The Department of Labor (DOL) has issued a statement that it will not enforce two final rules that were issued late in 2020.