End-of-Year Retirement Plan Checklist

As 2024 comes to an end, it's crucial for retirement plan sponsors to complete the following tasks to keep plans compliant and ensure they’re continuing to meet participants’ needs. Taking these proactive steps now can safeguard your plan and set your team up for a strong start in the new year.

Remind employees about their retirement benefits (annual contribution limits, employer matching, plan features).
Ensure enrollment materials are provided to newly eligible employees in a timely manner.
Distribute required plan information to participants, including fee disclosures, Individual Benefit Statements (IBS), Summary Annual Report (SAR), safe harbor notice as applicable, Qualified Default Investment Alternative (QDIA) notice and automatic enrollment notice as applicable.
Ensure all Required Minimum Distributions (RMDs) are paid before calendar year-end.
Review plan documents to ensure compliance with provisions and correct any errors that may have occurred.
Amend plan documents to reflect any discretionary changes made during the past year or desired for upcoming plan year (some amendments must be made on a prospective basis).
Consider amendments that will be required in the future by SECURE 2.0 and document any operational changes made to comply with such legislation. Notify recordkeeper and document provider of operational changes as they are made.
Audit employee information to identify gaps, changes and missing beneficiary designations.
Assess your plan and provider (plan fees/costs, participant engagement, investment performance, fiduciary/compliance support and administration services) to ensure they still meet your needs.

Our team of professionals is here to support every aspect of your retirement plan. Connect with a specialist to learn more.

Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.

Third-party administration, actuarial, and other consulting services offered through CBIZ Benefits & Insurance Services, Inc.

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Remind employees about their retirement benefits (annual contribution limits, employer matching, plan features).
Ensure enrollment materials are provided to newly eligible employees in a timely manner.
Distribute required plan information to participants, including fee disclosures, Individual Benefit Statements (IBS), Summary Annual Report (SAR), safe harbor notice as applicable, Qualified Default Investment Alternative (QDIA) notice and automatic enrollment notice as applicable.
Ensure all Required Minimum Distributions (RMDs) are paid before calendar year-end.
Review plan documents to ensure compliance with provisions and correct any errors that may have occurred.
Amend plan documents to reflect any discretionary changes made during the past year or desired for upcoming plan year (some amendments must be made on a prospective basis).
Consider amendments that will be required in the future by SECURE 2.0 and document any operational changes made to comply with such legislation. Notify recordkeeper and document provider of operational changes as they are made.
Audit employee information to identify gaps, changes and missing beneficiary designations.
Assess your plan and provider (plan fees/costs, participant engagement, investment performance, fiduciary/compliance support and administration services) to ensure they still meet your needs.

Our team of professionals is here to support every aspect of your retirement plan. Connect with a specialist to learn more.

Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.

Third-party administration, actuarial, and other consulting services offered through CBIZ Benefits & Insurance Services, Inc.

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End-of-Year Retirement Plan Checklist

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