Type of plan – if ESOP, target benefit, cash balance, cross tested or age weighted plan, special compliance rules will apply
Updated for current trustees and funding arrangement?
Summary Plan Description
Summary of Material Modifications required for plan changes?
Joint and survivor – applicable?
!Preretirement notice and election notice
!Waiver and spousal consent
!Lump sum consent by participant
Loan Procedure (if applicable)
Participant benefit statements
Plan status — terminated or “frozen”?
Identify any control group/affiliated service group members
Identify all qualified retirement plans
Collectively bargained (union) plan?
Proper admission of eligible employees?
!Permitted disparity (integration)?
!$150,000 (indexed) compensation limit
!Allocation per plan formula
!Substantial, recurring contributions to profit sharing plans?
!401(a)(26) (defined benefit only)
!Separate line of business?
!Identify key employees
!Apply 60% test including distributions to key employees for past 5 years
Section 401(k) anti-discrimination testing (if applicable)
Section 401(m) anti-discrimination testing (if applicable)
Compensation discrimination testing (if applicable)
Suspension of benefits for reemployed participants (if applicable)
PBGC Annual Filing and Actuarial Reports (defined benefit only)
Participant Loans (if applicable)
Documentation of loans
Assignment of 2 of account
Documented trustee meetings?
Written allocation of duties to investment advisors?
Reporting and Disclosure
Summary Annual Reports
Audit required (over 100 participants)?
Real estate or limited partnership investments?
Identify parties in interest
Review any plan transactions involving parties in interest
Plan Compliance Procedure
Master or Prototype plan?
Who is to prepare future plan amendments?
Section 404(c) Compliance for Participant Directed Investments (if applicable)
Government Audit History
Recent IRS/DOL audits?
Follow up on known compliance issues
Obtain “close out” letter for audits during the year
Any pending disputes over benefits?