Retirement Plan Annual Lifecycle
What you do. What we do. What to expect—so your plan stays clean, compliant, and on time.
Who does what (at a glance)
You (Plan Sponsor): Provide accurate census, payroll & W-2 data; answer follow-ups; approve contributions/filings; deliver participant notices; coordinate distributions/loans.
Us (Compliance TPA): Review data; run compliance testing; prepare contribution options & annual filings; track notices; process distributions/loans per plan terms.
Actuary (if DB/CB): Funding calculations and certifications.
Recordkeeper/Custodian: Statements, daily valuation, and tax reporting support.
Step-by-step lifecycle
Kickoff
We request your employee census, payroll summaries, and W-2s via our secure portal. Expect clarifying questions—data integrity drives every downstream step.
Data Review
We reconcile payroll/W-2s, hours, eligibility, ownership/attribution, and deposits. We’ll highlight any exceptions to resolve together.
Compliance
We run required tests (coverage, 401(k), top-heavy, annual limits, and more) and outline any corrective options if needed.
Contributions
We present employer contribution scenarios. You coordinate deductibility and cash timing with your CPA.
Filings
We prepare your annual filing package. You review and e-sign; we e-file and provide your Summary Annual Report for distribution.
Next Year
We calendar next-year notices (safe harbor/auto-enroll/QDIA where applicable) and keep your process on rails.
Peak season heads-up: Many plans use a 12/31 year-end. Sending a complete census within the first week of our request is the #1 way to finish early.
What we need from you
Completed census (all employees; include terms/rehire dates, hours, ownership/family attribution).
Full-year payroll files (bonus/commission codes included) and W-2 tie-out.
Loan activity and balances.
Statements for any non-platform/alternative assets and year-end valuations if applicable.
Advisor/CPA contacts and any plan amendments adopted during the year.
Timing realities
January–April is busy across the industry. Census processing and testing can take time after we receive complete data. If a defined benefit/cash balance plan is involved, actuarial work begins once the census and asset data are clean—build in a few weeks for that stage.
Year-round distributions & loans
We process transactions (terminations, hardships, loans, QDROs, RMDs) while year-end is in motion. Some requests may require extra checks (limits, top-heavy, DB rules) before completion.
Tips that speed everything up
Send early, send complete—partial data slows everything.
Use our census template and secure portal (no emailed PII).
Flag owners/relatives & controlled groups—affects testing and allocations.
Keep payroll codes consistent, including bonuses/commissions.