Tips for Completing TSC's Year-End Information Request
If your plan year ends December 31, you should have recently received our request for year-end information for 2016.  Regardless of your specific plan year, to assist you in completing our information request, included below are links to information about 5 "commonly asked about" topics. 

spreadsheet Employee Census Information 
What needs to be included for accurate reporting?

Complete employee census data is vital to performing accurate retirement plan testing.  Omitting or incorrectly reporting compensation for just one employee can result in inaccurate test results.  Therefore, it is important to know who to include and who, if anybody, can be left out of the employee census information. Generally speaking, all employees who.... Read More


What is the correct information to provide?

Providing compensation as defined in the qualified plan document at year end is essential for accurate administration. The plan document defines compensation used for allocation and compliance testing purposes. Report Gross Compensation, Entry Date Compensation, and Excluded Compensation on TSC's Year-End Employee Census Information form (available on your TSC Secure Plan Access website) as described below. Compensation for Sole Proprietors, Partnerships, or Limited Liability Companies is requested.... Read More
How can ownership of other businesses affect the retirement plan?

The TSC Year-End Questionnaire includes questions designed to identify possible compliance issues when the owner of the business sponsoring the plan owns or controls another business. A person's ownership is relevant to nondiscrimination-related....Read more
Deposit Timing
When must employee contributions be deposited?
As a general rule, Department of Labor regulations require that employee elective deferrals must be deposited into the plan account as soon as they can be segregated from company assets. However, the absolute latest that they can be deposited is the 15th business day of the month following the month in which they were withheld from the employee's pay. There is a special "safe harbor" rule that applies to "small plans" (generally those with fewer than 100 participants). Under that rule....Read more
Bonding  Bonds
Fidelity Bond Requirements

The Employee Retirement Income Security Act (ERISA) provides that each plan official who "handles" plan funds or other property be bonded by an approved surety company for acts of fraud or dishonesty, directly, or through connivance with others. In addition to the mere physical control or ability to exercise control of the funds, "handling" includes disbursement authority, signatory authority with regard to checks and other negotiable instruments, the authority to supervise or....Read More
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