June 2017  
 
Notes from the President  Gary Zurek

TSC has served the retirement plan compliance needs of businesses, their employees, and financial advisors for more than 50 years.   A benefit of being in business so long is that we've been able to serve thousands of clients over the years, which allows us  to provide real facts and data about retirement plans. Many clients tell us that discerning what is fact and what is fiction is not as simple as it used to be.   Read More
Important Deadlines
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Form 5500, Employer Contribution Deposit, ADP/ACP Excess, 402(g) Limit Corrections...   Read More
FAQ's  Becky Fisher
 
What do the IRS and DOL look for under audit?

The Employee Retirement Income Security Act of 1974 (ERISA), provides the legal basis for the IRS Employee Plans (EP) compliance program. Jurisdiction over the rules for 401(k) plans is divided between the IRS and the DOL, with the IRS having primary jurisdiction over the qualified status of 401(k) plans which includes examining plans. The DOL has primary jurisdiction over fiduciary standards, reporting and disclosure requirements and other rules that do not affect a plan's qualified status.   Read More

TSC Spotlight   Jennifer Arntson-Schwientek

Payroll Partnerships!

TSC has teamed up with leading payroll providers to offer a professionally-integrated retirement plan and payroll solution.  Together with our selected partners, we are committed to bringing best-in-class services to our mutual clients.  By integrating services...   Read More
TSC Employee Bios   
    
Meet a Few of our TSC Team Members


John Berggren

I was born and raised in Cedar Rapids, Iowa and enlisted in the United States Air Force after high school. I worked in the Air Force for eight years, first as a Geospatial Intelligence Analyst and later an MQ-9 "Reaper" Sensor Operator. After my time in the Air Force I moved back to Cedar Rapids and attended Kirkwood College...

Holly Dayton

I grew up just north of Saint Paul, Minnesota in a suburb called Little Canada. In the beginning of my career I donned the National Park Service's park ranger uniform (complete with an iconic 'Smokey Bear hat') and helped park visitors connect to the Mississippi River.  Later I worked with legislation and constituent relations as a state senator's assistant. I joined TSC's terrific compliance team in September 2016...

Jake Rajcula

I was born in Los Angeles, California and moved to Minnesota when I was about 5 years old. My family moved to Bloomington and there we added two more boys to the count (total of four) before my Mom said "Enough!" I went to Iowa State University on an Army R.O.T.C. scholarship. During my time at ISU I was an active member of the fraternity Phi Delta Theta, and studied Marketing after learning I wasn't as committed to Engineering as I had originally thought...
 
Chad Kemp

I was born and raised in the small southwestern Minnesota town of Wabasso. After graduation, I attended Mankato State University (now Minnesota State University at Mankato) where I played collegiate baseball and earned a Business Administration-Finance degree.

My first stint at TSC was from 1999-2007...

Industry/Legislation Updates  
 
 
Yes! New IRS regulations that were proposed in January expand the sources for which forfeitures can be used to include safe harbor contributions. While safe harbor contributions generally must be immediately 100% vested when made, the proposed regulations allow employers to use dollars that were previously forfeited from an unvested profit sharing or matching contribution to fund the safe harbor contributions.   Read More

What is happening with the fiduciary rule? - Juhl Stoesz
 
In April of 2016 the U.S. Department of Labor issued regulations that amend the definition of an investment advice fiduciary as it relates to IRAs and ERISA-covered plans (including retirement plans). In essence, the new regulations are designed to make more investment advisors subject to the high fiduciary investment advice standards of ERISA. At the same time...   Read More

What Does This Mean?  - Andrea Gelhar & Juhl Stoesz
  
What are Hardship Documentation Requirements? 

Under the terms of a plan, certain expenses qualify as financial hardship. Before a hardship request can be processed, a participant must provide the employer with supporting documentation of the hardship.

The following guide describes the types of hardship expenses. A participant's supporting documentation for the applicable hardship should answer the bulleted questions. Examples of acceptable materials that accomplish this are also provided.

Of Interest  - Andrea Gelhar & Juhl Stoesz
    
The 403(b) Restatement

The first restatement period for employer sponsored 403(b) retirement plans is approaching. Previously, 403(b) plan documents were not eligible for preapproval by the IRS. The addition of a preapproval program is a major enhancement for 403(b) plans. For this reason, TSC will be transitioning, or "restating", the plan document for all of our 403(b) plan clients onto a plan document that has received IRS approval. The restatement period will start later this year...   Read More
 
Brain Teaser

  1. The Night's Watch Retirement Plan permits hardship withdrawal. As a participant, Jon Snow has a $15,000 fully vested account balance and requests to take a hardship for $2,000. Jon provides the following explanation of benefits for medical services needed for a life-saving procedure...
     
  2. The Night's Watch Retirement Plan permits hardship withdrawals. Samwell Tarly, a participant in Night's Watch Retirement Plan, has a fully vested $150,000 account balance. Samwell is purchasing a cabin to enjoy on the weekends and provides his plan administrator a copy of the purchase agreement shown below for a hardship request...

Email jennifera@tsc401k.com to submit your answer for a chance to win a $25 AMEX gift card!

TSC Translator Contributing Staff Members
Jennifer Arntson-Schwientek
Client Relationship Manager
Karen Thompson
Retirement Plan Administrator Manager
Becky Fisher
Retirement Plan Administrator
 
  Holly Dayton
Plan Document and Compliance Technician
 
Andrea Gelhar
Plan Document and Compliance Specialist
Juhl Stoesz
Vice President of Compliance and General Counsel
Dennis Culhane
Retirement Plan Administrator
Paul Erickson
Retirement Plan Administrator Manager  
Dean Schwientek
Director of IT Operations
 Mike Gschwind
Internal Sales Consultant
  Lisa Melberg
Plan Document and Compliance Specialist  
 
Matt Slyter
Vice President Operations
 

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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