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Summer 2014, Volume 7 / Issue 2    
 
Notes from the President - Gary Zurek, President
 
 

Recently while reading the Wall Street Journal I came across an article by reporter Anna Prior titled "How to Fix the 401(k)".  It is a common, highly publicized, misconception that the 401(k) plans are broken.  I find this to be very upsetting to say the least.  In fact, there has been no savings program more successful at getting Americans to save for retirement than the 401(k) plan, not even close....Read More 

 

    
Form 5500, Employer Contribution Deposit, ADP/ACP Excess, 402(g) Limit Corrections....Read More
FAQ's - Becky Fisher 
 
How can I remove terminated employees from the plan?
 
 
Removing terminated participants with balances from your 401(k) plan can be beneficial to plan sponsors for several reasons. Fewer participants can....Read More 
TSC Spotlight - Andrea Gelhar
 
Announcing Our New Secure Plan Access Website!
 

We are pleased to announce the release of our updated Secure Plan Access website. You will recognize the same great features and tools that you have come to expect and appreciate the fresh new look and more user-friendly interface. Check out our new Secure Plan Access website by going to www.tsc401k.com and clicking on the "Plan Access Login" button on the top left part of your screen....Read More

  

Participant Disclosures (404a-5): The Next Round

 

In 2012 the Department of Labor implemented new participant disclosure regulations. These regulations apply to employers that sponsor retirement plans in which participants are allowed to choose their own investments. Generally these disclosures, which must ....Read More
 
What Does This Mean? - Matt Slyter
 

What is an outside trustee?

 

Nearly all qualified retirement plans are required to hold the plan assets in a trust. The plan document and Summary Plan Description for the plan must identify the trustee of the trust. It is common for an owner or an officer of the company sponsoring the plan to be....Read More
Retirement Plan Statistics - Jennifer Arntson
 

As a Client Relations Manager I get the opportunity to meet with many of our clients to review their retirement plan.  Many times I get questions regarding the typical offerings in the other retirement plans we administer, such as "What is the typical eligibility service requirement of most plans?" or "Do most plans offer loans to their participants?" 

 

Currently TSC administers 1,571 plans of various types.  Below are statistics of plan types and common features....Read More

 

Of Interest - Cynthia Mills
Of Interest

PPA Restatement Update
   

Internal Revenue Service Regulations and procedures require that all Qualified Defined Contribution Plans that are on a preapproved document be completely restated during the period from 2014 through 2016.  We are now approaching the beginning of the next required restatement cycle for defined contribution plans....Read More 

Brain Teaser
 

James P. "Sulley" Sullivan is a terminated participant in the Monsters Inc, 401(k) Plan with a vested balance of $6,400.00. Monster's HR director, Mike Wazowski, mailed distribution notifications and forms to him 45 days ago. Sulley has not yet returned the completed forms. Can Mike initiate a force-out distribution of the account from Monster's plan?

 

 Click here to submit your answer.

  

Question from last issue:

 

Daffy Duck was hired by Acme Corporation on February 1st, 2013 and worked part-time until he resigned on June 15th, 2013.  During that time, he did not meet the plan's eligibility requirements.  Is he required to be reported on the annual census worksheet for the 2013 plan year?


Answer:  Yes 

 

   

For almost 100 years, Plunkett's Pest Control, Inc. has been delivering honest pest management services to their valued clients. Plunkett's is a family-owned business driven by steadfast values, a belief in investing in their employees, and a passion to be respected as unquestionably the best pest control company in town.

.....
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TSC Translator Contributing Staff Members
Jennifer Arntson
Client Relationship Manager
Karen Thompson
Retirement Plan Administrator Manager
Becky Fisher
Retirement Plan Administrator
Cynthia Mills
Plan Document Specialist
Legal Assistant
Andrea Gelhar
Plan Document and Compliance Specialist
Juhl Stoesz
Associate Counsel
Dennis Culhane
Retirement Plan Administrator
 
Paul Erickson
Retirement Plan Administrator Manager
 
Dean Schwientek
Network Systems Admin

Articles included in the TSC Translator are intended to provide general information about retirement plan developments and issues. The information provided should not be construed as legal or tax advice or opinion. Readers need to discuss specific factual situations confronting them with their retirement plan service providers and/or legal and tax advisors.

This email was sent by: TSC, Inc. 7300 Metro Blvd. Suite 450 Edina, MN 55439 
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