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 EBSA has released a three-part guidance package for retirement plan fiduciaries dealing with missing or unresponsive participants.
Opinion Letter Addresses Interaction Between ADEA and Individual Coverage HRAs
CAA Requires Disclosure of Compensation Paid by Employer-Sponsored Health Plans
IRS Proposes Regulations for Automatic Deadline Postponements for Federally Declared Disasters
Paycheck Protection Program reopens the week of January 11, 2021.
The PBGC has issued final regulations on the determination of withdrawal liability when a participating employer withdraws from a multiemployer (union) DB pension plan.
The IRS has announced the postponement of certain tax-related deadlines for Mississippi victims of Hurricane Zeta.
Final regulations, entitled Independent Contractor Status Under the Fair Labor Standards Act, have been published in the Federal Register.
IRS final regulations on offset retirement plan loan rollovers have been published in the Federal Register.
The IRS has issued Revenue Ruling 2021-02 guidance related to tax benefits associated with PPP loans.