Give Your Retirement Plan a Refresh
Updated: Sep 28
Retirement Plan Checklist
Managing a retirement plan involves much more than completing annual filings. Staying on top of payroll processes, compliance requirements, fiduciary responsibilities, and regulatory updates throughout the year will help keep your plan running smoothly. This 401(k) Plan Administration Best Practices Checklist provides a practical roadmap to help plan sponsors organize important responsibilities.
Every Payroll
☐ Process employee contribution elections accurately
☐ Deposit employee contributions on time
☐ Confirm newly eligible employees entered the plan
☐ Verify employer matching contributions
☐ Monitor employees approaching annual contribution limits
☐ Apply Roth and catch-up contribution elections correctly
☐ Stop contributions for terminated employees
Monthly
☐ Reconcile payroll records with the recordkeeper
☐ Confirm all contribution deposits were completed
☐ Review participant loan activity and repayments
☐ Review hardship withdrawals and other distributions
☐ Monitor upcoming employee eligibility dates
☐ Resolve payroll or contribution discrepancies
☐ Document operational issues and corrections
Quarterly
☐ Meet with your retirement plan advisor
☐ Review participation and employee contribution rates
☐ Evaluate plan expenses and service-provider activity
☐ Review investment performance and the investment menu
☐ Discuss regulatory and legislative developments
☐ Document committee discussions and fiduciary decisions
☐ Review employee education and communication efforts
☐ Identify missing participants and uncashed checks
Annually
Compliance
☐ Complete nondiscrimination testing
☐ Review highly compensated and key employee classifications
☐ Complete the plan's top-heavy review
☐ Confirm employer contributions follow the plan document
☐ Review annual contribution and compensation limits
☐ Verify long-term, part-time employee eligibility
Required Filings and Notices
☐ Complete and file Form 5500
☐ Distribute required annual participant notices
☐ Review required minimum distributions
☐ Address missing participants and small account balances
☐ Confirm all year-end deadlines with the plan's administrator
Fiduciary Oversight
☐ Review investments according to the investment policy statement
☐ Benchmark plan fees and services
☐ Hold and document a formal plan committee meeting
☐ Review the plan's cybersecurity practices
☐ Confirm fiduciary files contain current reports, agreements, disclosures, and meeting minutes
2026 Review Items
☐ Confirm payroll applies the $24,500 employee contribution limit
☐ Confirm the $8,000 age 50 catch-up limit
☐ Apply the $11,250 catch-up limit for employees ages 60 through 63
☐ Identify employees subject to the 2026 Roth catch-up requirement
☐ Confirm payroll and recordkeeping systems can process Roth catch-up contributions
☐ Review automatic enrollment and escalation requirements, if applicable
☐ Discuss desired plan changes for 2027 early enough to complete amendments, notices, and system updates
As Needed
New Employees
☐ Determine eligibility
☐ Provide enrollment materials
☐ Process contribution and investment elections
Terminating Employees
☐ Stop contributions
☐ Review vesting
☐ Provide distribution information
Business Changes
☐ Report ownership changes
☐ Review mergers or acquisitions
☐ Communicate payroll-provider changes
☐ Evaluate significant workforce changes
Questions About Your Checklist
A blank checkbox isn't a blemish. It is simply a reason to have a conversation.
If you have questions about any checklist item or would like a retirement plan advisor to review your plan with you, the Spectrum Investment Advisors team is available to help.
Call | 800-242-4735 |
Online |
Use this checklist to review the routines that help keep your 401(k) plan running smoothly. Check the items your organization has addressed and note any areas that may deserve a closer look.
