TSC Translator - Spring Issue 2015

Spring 2015, Volume 8 / Issue 1

Notes from the President - Gary Zurek, President

Technology Triumphs and Tribulations

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.

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...

TSC Employee Bio

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.. ..

Industry/Legislation Updates - Juhl Stoesz

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?

$80,000.00
$60,000.00
$40,000.00
$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.

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