TSC 401K

01/22/2024

We are growing! TSC 401K is in our Administration department. Kick off the application process by emailing your resume to [email protected].

10/17/2023

Happy National TPA Day! Thank you to our outstanding staff who worked so hard to keep our clients' plans in compliance! Also, congratulations to all of our TPA colleagues for getting through the Form 5500 deadline!

09/08/2023

Happy National 401(k) Day! Today is a great day to make sure you are on track to reach your retirement goals.

08/16/2023

Are you interested in breaking into the financial services industry? Contact us at [email protected] to learn more about this unique opportunity!

04/13/2023

We are thrilled to sponsor “The Power of People” giving event presented by Versique Search & Consulting, supporting Dress for Success Twin Cities on May 4th, from 5 to 8pm at the Minneapolis Golf Club.

Dress for Success empowers women to achieve economic independence by providing a network of support, professional attire, and the development tools to help women thrive in work and in life.

Click here for more information or to register: https://one.bidpal.net/powerofpeople/welcome

03/14/2023

It was great to hear from Charlie Steingas of Cash Balance Actuaries about the benefits of pairing a cash balance plan with a 401(k)! Thanks to those advisors and business partners who were able to attend either in-person or via webcast! These retirement plans offer unique benefits for business owners and employees alike. With generous contribution limits and potential tax advantages, it's no wonder they're becoming increasingly popular. If you're looking to supercharge your retirement plan options, definitely consider a cash balance plan.

02/14/2023

Thanks to the advisors and business partners who were able to attend our recent presentation on the SECURE 2.0 Act! Drew Disher from Lincoln Financial and TSC’s own Jason Bolstad and Mike Gschwind provided valuable insights on how these changes will impact the retirement plan landscape and offered practical advice on how to adapt. Great questions and comments from our hybrid in-person and remote audience made the seminar both entertaining and informative. Let's embrace these changes and continue to grow and thrive in our industry! 2.0

01/10/2023

As you may have heard, the new SECURE 2.0 Act contains some significant changes that will affect retirement plans. As with the first SECURE Act, many features of the new law will need clarification over the coming months, and some provisions won’t be effective until future years. TSC will provide updates as we learn more, but for now, here are some of the highlights:

• Long-term part-time employees who complete 500 hours of service each year must be eligible to make deferrals after two years (down from three)

• New 401(k) and 403(b) plans sponsored by existing employers with more than 10 employees will be required to have automatic enrollment provisions (initial automatic enrollment starts between 3 -10%, and increases by 1% each year up to 10 - 15%)

• Increases catch-up limits available for those participants ages 60 – 63

• Catch-up contributions must be designated as Roth deferrals for certain higher income employees

• Employer contributions, including matching, can be made as Roth contributions

• Required minimum distribution age increases to age 73 beginning on January 1, 2023, and increases again to age 75 beginning on January 1, 2033

• Eliminates automatic ownership attribution for spouses with unrelated businesses based on community property laws or minor children

• Permits penalty-free distributions for “unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses” up to $1,000

• Allows streamlined “Starter 401(k)” plans with reduced limits to employers that don’t currently offer retirement plans

• Allows employers to choose to match student loan repayments as if the student loan repayments were deferrals

• Emergency savings accounts may be created under a plan for those who are not highly compensated employees

• Creates a national missing plan participant database

• Eliminates required notices for those who haven’t enrolled (however, they must be provided with an annual reminder of eligibility to participate)

• Expands tax credits available for new plans and to certain employees

As you can see, there’s a lot going on in SECURE 2.0 – and there’s even more that we didn’t mention! TSC will continue to review the legislation and guidance as it develops, and we will keep you informed as we know more.

10/18/2022

Happy National TPA Day! Thank you to our outstanding staff who worked so hard to keep our clients' plans in compliance! Also, congratulations to all of our TPA colleagues for getting through the Form 5500 deadline!

09/09/2022

New Branding. New Site. Same Great Service.

We are excited to announce our new branding, logo, and public website. Going forward, our name will simply be TSC 401K. We think that it does a good job of capturing exactly what we do – providing businesses and advisors with dedicated compliance services for retirement plans.

05/19/2020

How does COVID-19 impact retirement plans? Check out our summary of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) retirement plan provisions at: http://www.tsc401k.com/index.php/2020/04/cares-act/

Introducing the CARES Act, Special COVID-19 Withdrawals, Loan Limit Increases, Adoption and Application of the CARES Act Provision