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Special Year End Issue December 2015, Volume 8 / Issue 3
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Notes from the President - Gary Zurek, President
Build from the past. Embrace change for the future.
As we at TSC wrap up our 49th year of business building successful retirement plans, we pause to reflect on our valued relationships with customers, vendors and colleagues. It was in 1998 that Mark Foster and I decided to purchase TSC from founder Ted Giannobile and set up TSC as an employee-owned company. Today we continue as one of the only ESOP companies providing retirement plan administration. Why does it matter to you that we are employee owned?
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 FAQ's - Karen Thompson
Who do I need to report on the annual census file?
Accurate and complete annual retirement plan census reporting is the key to accurate and complete annual retirement plan testing and compliance. Omission of just one employee can result in invalid test results. Therefore, it is vital to ...
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TSC Spotlight - Juhl Stoesz
Year-End Request Package Update
It is getting to be that time of the year again, winter has come to the North Country, the sights and sounds of Christmas are in the air, and the New Year is right around the corner. As 2015 draws to a close, it is a good time to take a moment to reflect on everything that has happened during the year, its ups and downs, successes and failures.
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 TSC Employee Bio Meet Some of TSC's Retirement Plan Services Team
Briana Dexter
I was born in Saint Paul, MN and have lived here all my life. I attended high school at...
Joey Tutewohl
Growing up on a small hobby farm near the town of Zumbrota, Minnesota, I always knew one day I would move to Minneapolis. Being from a small town...
Jenny Mayer
I was born and raised in Eau Claire, Wisconsin. After my parents and three siblings graduated from the University of Wisconsin-Eau Claire, I knew...
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Industry/Legislation Updates - Paul Erickson
Qualified retirement plans are subject to various nondiscrimination tests. The two most common tests are also the most commonly confused.
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What Does This Mean? - Lisa Melberg
What Compensation Should be Reported to TSC?
Unless otherwise elected in your Plan Document, W-2 compensation should be reported to TSC with the employee census information. When looking at the form W-2, you will start with the amount found in box 1. This amount should then be adjusted to...
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 Brain Teaser
The employee demographics of Company A can be broken down as follows:
a) 16 union employees whose retirement benefits are the subject of good faith bargaining
b) 3 temporary employees that are leased through a leasing organization
c) 15 seasonal employees who will never meet the plan's eligibility requirements
d) 2 independent contractors receiving income reported on Form 1099
e) 14 full and part-time employees
Question: Which employee should be reported on the annual employee census?
- All of the above
- a, b, c and e
- e
- a, b and e
- c and e
LAST ISSUES BRAIN TEASER:
Question 1: What date(s), if any, does Maddie enter the employee 401(k) and employer profit sharing portions of the plan?
Answer: Maddie is eligible for 401(k) and safe harbor on 7/1/15; Date eligible for employer profit share contributions would be 7/1/16.
Question 2: Does Maddie receive a share of the employer profit sharing contribution made for the 2016 plan year? How about the 2017 contribution?
Answer: Maddie is eligible for the 2016 profit share because she was employed on 12/31/16 and had worked 1000 hours. She is not eligible for the 2017 profit share because she was no longer employed on 12/31/2017.
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Of Interest - Lisa Melberg
Is My Retirement Plan Eligibility Tied to My Other Employer-provided Benefits?
No. The retirement plan has a specific set of requirements defined in the plan document that must be met in order to enter the plan. It is possible that an employer...
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Barton, Walter & Krier P.C. is located in Maple Grove, Minnesota, Barton, Walter & Krier, P.C. is a CPA firm serving closely held (privately owned) businesses. BWK has a dedicated team of skilled CPAs, CPA candidates, bookkeepers and administrative staff. Most team members have worked together for over 20 years. Together they serve a growing group of...
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