Spring 2015, Volume 8 / Issue 1   
 
Notes from the President - Gary Zurek, President

Technology Triumphs and Tribulations 
 
Gary Zurek

With the Apple Watch hitting the market (and I can assure you that I won't be purchasing one of them any time soon), the increasing number of apps that drive us to physical and virtual locations, and the tweets, posts and followers systems, technology from my point of view can help and hinder.   

 

Having been in the retirement industry for more than 30 years, I've seen a lot of technology and applications come and go. Those technology advances that have stayed the course of time have been required to continuously evolve   

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FAQ's  -  Lisa Melberg
 

What should be done with a loan when a participant terminates employment? 


 

When a participant requests a retirement plan loan, they receive a sum of money from their retirement plan balance - tax free. However, in order to shelter these dollars from taxation, they must repay these funds by the maturity date...
TSC Spotlight  - Becky Fisher
 
TSC's Annual Report Package
 
TSC's annual report package is one of the most useful tools in understanding your retirement plan. This package not only provides you with summaries, explanations, instructions and detailed results of your most recent plan year-end but also provides...
    
Cole Hegstad
I was born in Omaha, Nebraska but grew up and attended high school in Slayton, Minnesota. After I had graduated from high school, I attended Southwest Minnesota State University in Marshall. I graduated from college with a Bachelor of Science in Finance and Accounting.

Megan Brekke
I w as raised in the northern suburbs of the twin cities. After graduating high school, I moved south to attend Winona State University where I received my Bachelors in Business Administration with minors in Marketing and Mass Communications.. ..
 
Update to Annual 404a-5 Participant Disclosure Requirements
 
Since 2012, the Department of Labor has required that employers sponsoring employee-directed retirement plans provide participants with disclosures containing detailed information about the plan and its investments...
What Does This Mean? - Dennis Culhane
  

What is the Form 8955-SSA?

 

The Form 8955-SSA reports terminated participants with a vested balance to the Social Security Administration. The Social Security Administration uses this information to inform applicants or their beneficiaries that they may be entitled to other benefits from a retirement plan...
Brain Teaser
 

Vin, the owner of the Fast and the Furious Go-Cart Track, has a 401(k) plan with no employer contributions.  Vin would like to know approximately how much of a 401(k) contribution he can defer for himself without failing the ADP test.  Where would Vin look to find this information?  

 

Click here to submit your answer.

  

Question from last issue:

 

The Holiday Greeting Company maintains a 401(k) plan which allows employees to enter the plan semi-annually after their completion of 1 year of service. Mr. Snowflake was hired on 04/01/13 and completed his first year of service during his first 12 months of employment, allowing him plan entry on 07/01/14. However, Mr. Snowflake decided not to begin 401(k) deferrals until 10/01/14. During 2014, Mr. Snowflake earned $20,000.00 during each calendar quarter. What is the amount of Mr. Snowflake's 2014 date of entry compensation? 

  1. $80,000.00

  2. $60,000.00

  3. $40,000.00

  4. $20,000.00

Answer:  3. $40,000
Of Interest - Cynthia Mills    

Pension Protection Act (PPA) Restatement Update
    

As previously reported, all pre-approved defined contribution plans must be restated before April 2016. We are pleased to report that TSC has completed many of these restatements and we fully expect to complete all restatements well before the deadline date... 

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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 and Compliance Specialist
 
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
 Mike Gschwind
Retirement Plan Administrator
  Lisa Melberg
Plan Document and Compliance Specialist  
 
Matt Slyter
VP 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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