March 2019
Important Deadlines

Form 5500, Employer Contribution Deposit, ADP/ACP Excess, 402(g) Limit Corrections...

FAQs - Lisa Melberg & Matt Slyter

Are HSA Contributions included in Retirement Plan Compensation?

Many have asked when submitting their year-end census information, should Health Savings Account (HSA) contributions be included as plan compensation? The answer generally is yes, but....

TSC Spotlight - Matt Slyter

 TSC Year-End Valuation Report Changes
We’ve made a few changes to our Year-End Valuation Reports in 2019.

The Compliance Summary replaces the Executive Summary. The familiar "Testing Summary" and "Action Summary" sections are now enhanced with a "Suggestions to Consider" section that will list any potential.... Read more
TSC Employee Bio

Meet the newest TSC Team Member, Sarah Batz

I grew up in the Twin Cities and graduated from Gustavus Adolphus College with degrees in Psychology and Dance. After graduating, I spent several years cooking, dancing, and facilitating sustainability projects in schools. After spending some time traveling abroad, I am back in the Twin Cities, cursing the cold and snow but happy to be home. I enjoy empowering people with their finances through volunteering as a Financial Coach with a local non-profit, and leading a Women and Money group that meets to learn and grow in all things related to personal finance. I still love cooking and dancing, and am greatly enjoying the wonderfully supportive atmosphere at TSC.

Industry/Legislative Updates - Juhl Stoesz

Hardship Documentation Update

Effective for plan years beginning after December 31, 2018, several rules applicable to hardship distributions from retirement plans have been simplified and expanded. While not currently available, a plan amendment formalizing these changes will be adopted in the future. The specific timing of the amendment is subject to the future IRS guidance, but we expect that it may be as early as this year. We hope to adopt the amendment on a document sponsor level, so employers will....

What Does this Mean? - Paul Erickson

 Why is my participant getting a refund from the retirement plan?
To maintain its tax qualified status, a 401(k) Plan must abide by many laws and regulations that govern retirement plans. Testing rules and individual limits determine how much can be contributed into a plan to ensure the plan benefits all employees, not just the owners and highly paid individuals. If tests fail, or limits are exceeded, a common correction method correction is to....

Of Interest - Rob Mueller & Lisa Melberg

How does the IRS contact taxpayers?

With the current climate of electronic security, you or your employees may have questions regarding how the IRS will contact you and what actions may be needed.

When the IRS contacts a taxpayer, generally it will be via a written letter sent through the....

Brainteaser

Which is the best answer?

Amos worked two jobs for two unrelated employers that sponsor two different 401(k) retirement plans. He contributed $10,000 to each plan in 2018. Does he exceed the 402(g) limit?

a.     Yes, he’ll get a refund of $1,500 plus earnings.
b.     Maybe. If he’s under age 50 in 2018, he must request a refund of $1,500 plus earnings. If he’s age 50 or older in 2018, he would not have any excess and his amounts would remain in the plans.
c.     Maybe. If he is an HCE, he’d get a refund of an amount to satisfy the ADP test. If he’s a NHCE, the money stays in the plan.
d.     No. He can contribute as much as he’d like.

TSC Translator Contributing Staff Members

Dennis Culhane - Retirement Plan Administration Consultant
Paul Erickson - Relationship Manager - Retirement Plan Consultant
Becky Fisher - Retirement Plan Administration Consultant
Andrea Gelhar - Retirement Plan Compliance Consultant
Mike Gschwind - Internal Sales Consultant
Rob Lorenz-Mueller - Retirement Plan Administrative Consultant
Lisa Melberg - Retirement Plan Compliance Consultant
Jennifer Arntson-Schwientek - Rlationship Manager - Retirement Plan Consultant 
Dean Schwientek - Director of IT Operations
Juhl Stoesz - Vice President, Compliance and General Counsel
Matt Slyter - Vice President Operations