This checklist summarizes the major reporting requirements for retirement plans. There are numerous other reporting requirements (e.g., change of vesting schedule, notice of denial of a claim, etc.). For a complete list, check with your service provider.
1. Plan Document (or Amendment)
2. Summary Plan Description (or updated SPD)
3. Beneficiary Designation Forms (including the Preretirement Survivor Annuity Forms) and Participant Enrollment Forms. Have they been completed by all participants?
4. For defined benefit plans only. PBGC-1 Form (if applicable). Has the first year premium been paid to the PBGC?
1. Series 5500 Forms. Have they been submitted to the IRS on time?
2. Summary Annual Report. Has it been distributed to participants?
3. Benefit Statements(including those for separated participants). Have they been distributed to participants?
4. Distributions to Participants. Have they been given to participants and reported to the IRS (Form 1099-R)? Have participants completed the appropriate distribution forms, including the election of benefit forms, the joint and survivor annuity notification and election forms and the rollover notification and election forms?
5. For defined benefit plans only. PBGC-1 Form (if applicable). Has the premium been paid to the PBGC for the next year?
6. Beneficiary Designation Forms including the Preretirement Survivor Annuity Forms and Participant Enrollment Forms. Have they been completed by new participants?
1. Form 5310. Has this form, along with the appropriate material, been submitted to the IRS?
2. PBGC Forms. For defined benefit plans only (if applicable). Have the required forms been submitted to the PBGC?
3. Notices to Participants including beneficiaries and other affected parties. Have they been notified?