Source: https://www.futureplan.com/news-index.html
Timestamp: 2020-05-28 20:22:44
Document Index: 372977205

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At FuturePlan, 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.
Understanding the CARES Act: Required Minimum Distribution Waivers
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.
Guide to Small Business Administration Economic Injury Disaster Loans
Guides and Webinars for Managing Your Small Business During COVID-19
Final eDelivery Regulations for Retirement Plan Disclosures Are Published
Proposed Regulations Are Published on Withholding from Retirement Payments
Final Regulations for Default Electronic Delivery of Retirement Plan Disclosures
The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a pre-publication version of highly-anticipated final regulations on default electronic delivery of retirement plan disclosures. These regulations become effective 60 days following their publication in the Federal Register, currently scheduled for Wednesday, May 27.
House Passes Next Coronavirus Relief Bill
Next Coronavirus Relief Bill Introduced
AICPA Delays Required Implementation of New Reporting Standards
The IRS has issued news release OR-2020-01, announcing an extension of time to complete certain time-sensitive tax-related acts as a result of storms, flooding, mudslides, and landslides in Oregon. At this time, the only area to which the relief applies is Umatilla County, as well as the Confederated Tribes of the Umatilla Indian Reservation. Under this guidance, certain tax-related acts with deadlines falling on or after February 5, 2020, and before April 1, 2020, are extended through July 15, 2020.
IRS Q&As Provide Details on Implementing CARES Act Provisions
DOL and Treasury Provide COVID-19-Related Deadline Relief and Guidance to Retirement and Health Plans and Their Participants
The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA), has issued several information and guidance items to provide administrative and operational relief to ERISA-governed retirement and health benefit plans as a result of the coronavirus (COVID-19) pandemic. Among the guidance items is a final rule jointly issued with the Department of the Treasury and the IRS.
Rep. Patrick McHenry (R-NC) has introduced the Securing Additional Value for Every Retirement Saver (SAVERS) Act, legislation that would permit increased annual contributions to tax-qualified retirement savings arrangements for 2020.
The U.S. Senate on Tuesday overwhelmingly passed the Paycheck Protection and Healthcare Enhancement Act, legislation that would provide $320 billion in additional funding to the Small Business Administration’s Paycheck Protection Program (PPP). This lending program is intended to help small employers retain employees on their payrolls during the coronavirus (COVID-19) pandemic and resulting economic emergency. The legislation would also provide funding for hospitals dealing with the immediate effects of the pandemic, and, specifically, for enhanced COVID-19 testing.
E-Delivery Regulations Closer to Being Released
Much-awaited Department of Labor (DOL) final regulations on electronic delivery of retirement plan disclosures have made their way to the federal Office of Management and Budget (OMB), generally the final stop on their way to official issue. (Only if the OMB finds objections to guidance is it returned to the issuing agency for revision.)
Extension of Tax-Related Deadlines Includes ESOP Provisions
On April 10, 2020, the IRS issued Notice 2020-23. This guidance—citing IRS Revenue Procedure 2018-58—identified a number of time-sensitive tax-related actions whose completion can be delayed to July 15, 2020, as a result of disruptions caused by the coronavirus (COVID-19) pandemic.
SBA Confirms Eligible Employee Benefits for Payroll Protection Program
Scheduled to be published in the Federal Register is an interim final rule issued by the federal Small Business Administration (SBA), guidance that includes frequently-asked-questions (FAQs) on Payroll Protection Program (PPP) loans available to small businesses to help them maintain their workforce during the coronavirus (COVID-19) pandemic.
The Pension Benefit Guaranty Corporation (PBGC), the agency that insures benefits in certain single-employer defined benefit pension plans, has posted an announcement describing deadline relief being provided as a result of the coronavirus (COVID-19) pandemic.
With virtually every part of the U.S. economy facing unexpected financial challenges from the coronavirus (COVID-19) pandemic, Congress has passed the largest relief package in U.S. history. Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is designed to assist the millions of Americans affected by the outbreak. The legislation has multiple provisions that affect retirement and health savings.
On Wednesday night, shortly before midnight, Eastern Time, the U.S. Senate cleared lingering objections of both Democrat and Republican members and unanimously passed H.R. 748, the Coronavirus Aid, Relief and Economic Security, or CARES Act.
Part 1: Required Minimum Distributions
Part 2: Traditional IRA Contribution Eligibility
Part 3: Safe Harbor Plans
Part 4: Qualified Charitable Distributions
Part 5: Employer Plan Tax Credits
Part 6: Increased Penalties for Plan Reporting Failures
Part 7: New 529 Plan Eligible Expenses
Part 8: New Plan Adoption Deadline
Part 9: Beneficiary Option Changes
Part 10: Qualified Birth or Adoption Distributions
Part 11: Lifetime Income Disclosure
Part 12: Part-Time Employee Participation
Part 13: Graduate and Postdoctoral Student Contributions
Part 14: Disaster Tax Relief
Part 15: Successor Beneficiary Rules
For the past three years, Congress has attempted to pass major retirement reform legislation. It has finally succeeded with the year-end passage of two spending packages meant to avert a government shutdown. One of the packages...