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Form 5500, Employer Contribution Deposit, ADP/ACP Excess, 402(g) Limit Corrections...
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 FAQ's
- Paul Erickson & Jennifer Arntson-Schwientek
What Notices and Disclosures are Required for Eligible Employees?
Some notices and disclosures are required for all qualified plans while others depend on specific plan features and whether or not participants are able to direct their investments. The following is a summary of the most common qualified retirement plan notices and disclosures to give to a participant in the plan...
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TSC Spotlight
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Jennifer Arntson-Schwientek & Paul Erickson
TSC Full Service Distribution Processing
Distributing assets from a qualified retirement plan can be a tedious and confusing task for employers due to the IRS regulations. This is in part due to the requirement to follow very specific guidelines before a distribution can occur. Some of these requirements include...
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TSC Employee Bio
Meet the newest TSC Team Members
Kathryn Hoppert
My name is Kathryn Hoppert. I am originally from Sartell, and just moved to the uptown area in Minneapolis a month and a half ago. I recently graduated from the College of St. Benedict with a major in finance. During my time at St. Ben's, I studied abroad twice. Once was for a Spanish summer program in...
Greg Lewinski
I was born and raised in Menomonee Falls, Wisconsin, a suburb of Milwaukee, Wisconsin. So yes I do still support my Wisconsin sports teams. I originally came to the Twin Cities area in 2008 to start college at the University of Minnesota and besides a few years from...
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Industry/Legislation Updates
- Lisa Melberg & Juhl Stoesz
Hardship Documentation
Recently, the Internal Revenue Service (IRS) released a memorandum that addresses what hardship distribution documentation must be reviewed and retained by an employer that sponsors a retirement plan. Specifically, the memorandum allows employers to review summaries (instead of the actual source documents) as long as...
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What does this mean?
- Dennis Culhane & Holly Dayton
Eligibility Requirements and Allocation Conditions - How are they different?
Although eligibility requirements and allocation conditions are often expressed similarly, they have no relation to one another and are actually very different. A plan's eligibility requirements apply to employees before they become plan participants; they refer to the age and service requirements a new employee must satisfy before they become "eligible" to enter the plan. Allocation conditions, on the other hand, are...
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Of Interest
- Juhl Stoesz & Lisa Melberg
Merger and Acquisition Activity Heating Up
Have you noticed that merger and acquisition activity has really picked up over the last several years? We certainly have! In addition to the major impacts that these transactions tend to have on your operations and personnel, they can also significantly affect your retirement plan. Given that retirement plan issues can even influence the structure and value of the deal itself, it is important to...
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 Featured Client
We believe in dentistry that lasts a lifetime. Our dental practice combines years of professional experience with the latest in treatment approaches, techniques, and, of course, technology. All of our Minnesota dental professionals love expanding their knowledge of dental practices through training, seminars, and continuing education. All of our staff is trained and coached in the highest standards for professional dental care in a friendly, courteous manner.
Being a privately owned business with 14 locations in Minnesota makes us a rare and unique find. Find the comfort of a "private practice" setting, with the benefits of a "corporate" support team.. it really can't get much better.
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Brain Teaser
Eligibility Requirements and Allocation Conditions
Matt's Marble Making 401(k) Plan contains the following provisions:
Plan Year End: 12/31
Eligibility Requirements
Employee 401(k): Age 21, 1 Month of Service
Employer Non-Elective(Profit Sharing): Age 21, 1 Year of Service with at least 1,000 hours.
Entry Dates are Quarterly for 401(k), and Semi-Annual for Profit Sharing.
Allocation Conditions
Employer Profit Sharing: Must be employed on last day of Plan Year, and have worked at least 1,000 hours during the Plan Year.
Facts
Molly was hired March 15, 2017 and is 22 years old. She works 30 hours per week.
Question 1: What is her Entry Date for Employee 401(k) Deferrals?
Question 2: What is her Entry Date for Employer Profit Sharing?
Question 3: Will Molly qualify for a share of the 2017 Profit Sharing contribution?
Question 4: Will Molly qualify for a share of the 2018 Profit Sharing contribution?
Email
[email protected]
to submit your answer for a chance to win a $25 AMEX gift card!
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