Summer Issue August 2016, Volume 9 / Issue 2   
 
Notes from the President  -  Gary Zurek

Retirement Independence 

It's appropriate we're talking about retirement savings shortly after Independence Day.  Our team members, from client services to legal to sales, are driven to help you and your employees reach independence in retirement.  



FAQ's   -  Karen Thompson
 
Can I permit a participant to stop loan repayments?

If your plan allows loans, the provisions will be outlined in the loan policy - generally included in the Summary Plan Description (SPD). Read more for a list of some exceptions, treatments and remedies. 
 



TSC Spotlight   -  Paul Erickson

TSC wishes our best to our recent retirees!

This summer, TSC has four employees that are retiring after many years of service. You may have had communications in the past from 
Bill Campbell, Cynthia Mills, Katie Farnham or Lynn Radunz.
 
TSC Employee Bios   
    
Meet a Couple of our TSC Team Members


Robert Lorenz-Mueller

I was born and raised in Menomonee Falls, WI, the state's largest village. I left to attend college at the University of Wisconsin - Whitewater. There I studied Accounting and Economics, graduating in 2015 with a Bachelor Degree in Business Administration.

Corey Blexrud

I was raised in Savage, Minnesota and attended Augsburg College after graduating high school.  I completed a double major in Management and Marketing, graduating in December 2014.
 
Industry/Legislation Updates   - Lisa Melberg
 
 
It can be argued that one of the most stressful statements a retirement plan administrator can hear is, "your plan has been selected for an audit."  Generally, the IRS will be reviewing the plan for tax or penalty deficiencies, operational issues, and plan failures.


What Does This Mean?  - Andrea Gelhar & Juhl Stoesz
  
What compensation is excluded? 

Generally speaking, your plan document dictates how "compensation" is defined and which items are excluded from that definition.  The plan document typically starts with one of three basic "safe harbor" definitions of compensation.


Of Interest  - Karen Thompson
    
Documentation Retention Requirements

Retirement plans are created and designed to provide long-term benefits to both employees and plan sponsors.  As a result, plan records will cover many years pertinent to individual participant elections and plan sponsor requirements.  

Featured Client   - Park Dental
 
Park Dental is unique in many ways.  Park Dental was founded by two local dentists in the Twin Cities and continues to grow by establishing community-based dental practices.  

 
Brain Teaser

Joan Harris is the Loan Administrator for the Sterling Cooper 401(k) Plan.  
One of the plan participants, Don Draper, was recently injured in a car accident. 

He is on an approved medical leave of absence while recovering from his injuries. 

During this leave, Don will not be receiving wages from his employer or elsewhere. 
He has an outstanding 401(k) loan and would like to stop making repayments during his leave.

Is Joan able to approve the suspension of Don's loan repayments?

BONUS: What are Don's options for making up the payments upon his return to work?

Email [email protected] to submit your answer for a chance to win a $25 AMEX gift card!


LAST ISSUES BRAIN TEASER

What year did TSC begin transitioning to an employee owned company. 

a) 2001
 
b) 1966
 
c) 1998
 
d) 2016

Answer:  b
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TSC Translator Contributing Staff Members
Jennifer Arntson-Schwientek
Client Relationship Manager
Karen Thompson
Retirement Plan Administrator Manager
Becky Fisher
Retirement Plan Administrator
 
Nicole King
Retirement Plan 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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