News

Featured News

Regulatory Updates

DOL Releases Final PTE on Investment Advice

DOL Releases Final PTE on Investment Advice

The DOL addresses how financial organizations or professionals can receive certain compensation that would otherwise violate the prohibited transaction rules. 

COVID-19 News

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. 

Health and Benefits Updates

Additional COBRA Premium Assistance Guidance Under ARPA

The DOL has issued additional COBRA premium assistance guidance under the American Rescue Plan Act of 2021.

Deadlines for Tax Filing and Certain Contributions Confirmed

The IRS makes official the previously announced delay of the April 15, 2021 federal income tax filing due date for individuals for the 2020 tax year to May 17, 2021. 

New Guidance on PPE as Medical Expense

The IRS has indicated that amounts paid for PPE that are primarily used to prevent the spread of COVID-19 are treated as amounts paid for medical care. 

American Rescue Plan Act Provides Coronavirus Relief

President Biden has signed legislation that funds another round of assistance as the nation copes with the health and economic effects of the coronavirus pandemic. 

Guidance Issued for Health Plans Regarding COVID-19 Services

The Departments of Labor, Health and Human Services, and Treasury have issued “FAQs About Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 44”. 

IRS Details Additional Temporary Guidance for Cafeteria Plans

The IRS has issued Notice 2021-15, providing additional guidance and flexibility to employee benefit plans offering health FSA and dependent care arrangements. 

FuturePlan Blog

Why Benchmarking Plan Administration is Mission Critical

Financial advisors and plan sponsors routinely benchmark their 401(k) service providers, but rarely apply the same process to plan administration. This is an unfortunate missed opportunity, since the quality and expertise of your plan administration provider (typically a TPA firm) is critically important to the success of the plan. 

Becoming FuturePlan: A Personal Story from One TPA’s Journey

Almost three years ago, our RSI leadership team embarked on a new adventure: selling the firm we built from scratch. We wanted to ensure the future of our partnerships, clients, and talented associates was bright – filled with growth and opportunity.

3(16) Fiduciary Services: What’s All the Hype About?

3(16) fiduciary services are one of the fastest growing sectors of the retirement plan industry today, but why do these plan administrators exist? We cover that in this post.

The Basics of Prevailing Wage & The Davis Bacon Act

Prevailing wage was established under federal law by the Davis-Bacon Act of 1931. The act mandates that contractors and subcontractors must pay their workers an hourly prevailing wage when working on any federally-funded construction project in excess of $2,000.

Thought Leadership

Fixing Compensation Failures

One of the most common plan failures we see is the use of the wrong definition of compensation for plan contributions. A failure like this can be expensive to fix, but also easy to avoid. This article will address options to fix the plan, as well as ways to avoid this issue.   

Fiduciary Myths and Misconceptions in the Market

There are a lot of misunderstandings in the retirement industry regarding fiduciary services and 3(16) plan administrators. Why do they exist? What do they do? How do you find a good one? We’ll answer these questions and address some myths in this post.

Payroll Data: The Source of Plan Errors

In our previous post, Fiduciary Market Myths and Misconceptions we discussed a few misunderstandings in the market and shed light on them. The last misconception, "recordkeepers will check payroll data for accuracy" (they do not), is one that leaves the remaining question for plan sponsors: can they really ensure their payroll data is 100% error free?

Frequently Asked Questions

Late Deferral Deposits – What are the Rules, Exactly?

Some employees carefully watch their deferral contributions with each paycheck as they go into their 401(k) or 403(b) plan account. After all, it is their money – wages they’ve set aside to be paid later! But how quickly must the deposit be made? Employers often misunderstand the deposit timing rules for employee deferrals. In this article, we will explain the rules, exceptions, and consequences, along with the options available for fixing late deposits.

Trending Topics

Contribution Allocation Options

Flexible plan designs with varying contribution allocations can help business owners manage costs and tax efficiency, since they can be set aside in lean years.

Qualified Birth and Adoption Distribution (QBAD)

FuturePlan provides an overview of this new SECURE Act provision with questions pending IRS guidance.

SECURE Act and Potential Tax Credits: What You Need to Know

Discusses two tax credits available to some small employers through the SECURE Act.

CARES Act and the Paycheck Protection Program (PPP)

Outlines program details, eligibility, and loan terms.

Guide to Coronavirus-Related Distributions, RMDs and Loans

FuturePlan provides an overview of Coronavirus-related distributions (CRDs), along with expanded RMD and loan options based on the CARES Act.

COVID-19 and Safe Harbor Plan Changes

Helpful guide and key timing considerations for plan sponsors needing to amend safe harbor contributions.

Understanding Changes to Matching Contributions

Resources and FAQ to help plan sponsors reduce or suspend matching contributions in response to business disruption.

Options for Paying Expenses from Plan Assets

FuturePlan reviews a range of options for paying retirement plan-related fees from plan assets and reduce expenses during the downturn.

Covid-19 Impact on Cash Balance and Defined Benefit Plans

An overview of legislative changes and plan design options for plan sponsors of Cash Balance and other defined benefit plans.

Market Adjustment Impact on Balance Forward Plans

Understanding the special considerations required to manage balance forward plans during market fluctuations.