News

Featured News

Regulatory Updates

IRS Releases Draft Forms 1099-R and 5498 for 2023 Tax Year

The IRS has posted draft versions of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and Form 5498, IRA Contribution Information for tax year 2023.

IRS Posts Draft Form for Reporting Qualified Disaster Retirement Plan Distributions

The IRS has posted a draft Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments as of September 30, 2022.

Retirement Savings Modernization Act Introduced

Senators Tim Scott (R-SC), and Pat Toomey (R-PA), along with Representative Peter Meijer (R-MI), have introduced the Retirement Savings Modernization Act in the Senate and House respectively.

Gomez Confirmed as Assistant Secretary of Labor for EBSA

The Senate has confirmed Lisa Gomez as Assistant Secretary of Labor for the Employee Benefits Security Administration by a 49 to 36 vote.

Hardship Distributions May Be Permitted for South Carolina Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for South Carolina Hurricane Ian, beginning September 25, 2022.

Deadline Relief for Florida Victims of Hurricane Ian

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in Florida.

Hardship Distributions May Be Permitted for Florida Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for Florida Hurricane Ian, beginning September 23, 2022.

Deadline Relief for Alaska Victims of Severe Storm, Flooding, and Landslides

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storm, flooding, and landslides in Alaska.

IRS Extends Remedial Amendment Period for CARES Act and Taxpayer Certainty and Disaster Tax Relief Act

The IRS issued Notice 2022-45 which extends the deadline for amendments to retirement plans and IRAs to adopt some provisions relating to distributions and loans under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act).

IRS Posts Form 4972

The IRS has posted Form 4972, Tax on Lump-Sum Distributions, for tax year 2022.

FuturePlan Blog

Connect with FuturePlan at the NAPA 401(k) Summit April 3-5

The FuturePlan team is ready for the NAPA 401(k) Summit in Tampa Bay from April 3-5.

Nyhart: Benefits Your Way

In 2019, Nyhart joined FuturePlan by Ascensus—an opportunity to merge the unique expertise of an actuarial powerhouse with the robust services FuturePlan already offers.

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.

Help your clients put more jingle in their pockets this season

Dedicated DB is the leading national third-party administrator of Defined Benefit plans for 1-10 employee companies.

Intac and FuturePlan: Welcome to Our Growing Family

Intac’s company name will officially change to FuturePlan at the end of August. Read about how we’re creating that future together.

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.

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?

News

RBC Wealth Management Teams with Transamerica and FuturePlan by Ascensus to Expand Retirement Plan Access with Innovative New Pooled Plan Solution

FuturePlan is part of an exciting partnership with RBC Wealth Management (RBC) and Transamerica.

Vestwell Names FuturePlan As One of Its Preferred TPA Partners

Vestwell names FuturePlan as one of its preferred TPA partners, as part of their new Vestwell Flex solution.

FuturePlan Marks Major 2022 Growth with Four Expanded Sales Territories and Ten Strategic New Hires

FuturePlan by Ascensus announced a major expansion of the firm’s national footprint with four new sales territories and ten strategic new hires across the country.

Ascensus Announces FuturePlan Leadership Change

Current Head of Sales Kasey Price Named President of FuturePlan, Effective August 1, 2022

Dresher, PAJuly 14, 2022—Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare— announced today that Kasey Price will assume the role of President of FuturePlan by Ascensus on Aug. 1, 2022.

FuturePlan by Ascensus Appoints Carlo Guerrera Head of Institutional Sales

Experienced Sales Leader Will Expand Institutional Product Pipeline and Industry Partnerships

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.

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.

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.