Summer 2014, Volume 7 / Issue 2
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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
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Form 5500, Employer Contribution Deposit, ADP/ACP Excess, 402(g) Limit Corrections....Read More
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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
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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
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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
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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 |
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
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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
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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. .....Read More |