Pension Compliance Checklist

I. Compliance Overview

Objective: Ensure that [Your Company Name] adheres to all relevant legal and industry standards regarding pension plan compliance.
Responsible Party: [Your Name], [Your Title]
Date of Last Review: [Date]
Next Scheduled Review: [Next Review Date]

II. Plan Administration

[Your Company Name] has established procedures for the administration of pension plans in compliance with applicable laws and regulations.
Verify that pension plan documents are up-to-date and accurately reflect plan provisions.
Ensure that plan contributions are made in a timely manner and in accordance with plan terms and regulatory requirements.

III. Fiduciary Responsibilities

Identify and appoint fiduciaries responsible for the management and oversight of pension plan assets.
Monitor investment options offered within the pension plan to ensure they are prudently selected and diversified.
Document fiduciary decisions and actions taken in accordance with the Employee Retirement Income Security Act (ERISA) requirements.

IV. Employee Communication

Provide participants with clear and timely communication regarding their rights and benefits under the pension plan.
Distribute Summary Plan Descriptions (SPDs) and other required disclosures to eligible employees.
Offer educational materials and resources to help employees make informed decisions about their retirement savings.

V. Reporting and Disclosure

Prepare and file required reports and disclosures with regulatory agencies, such as the Department of Labor (DOL) and the Internal Revenue Service (IRS).
Ensure that annual Form 5500 filings are completed accurately and submitted on time.
Provide participants with periodic benefit statements and other required notices as specified by ERISA and other regulations.

VI. Investment Management

Review and monitor the performance of pension plan investments on a regular basis.
Conduct due diligence on investment options and service providers to ensure they meet fiduciary standards.
Document investment-related decisions and actions taken by plan fiduciaries.

VII. Compliance Reviews and Audits

Conduct periodic compliance reviews and audits of the pension plan to identify any potential compliance issues or deficiencies.
Address and rectify any identified compliance issues in a timely manner.
Document the results of compliance reviews and audits, including any corrective actions taken.

VIII. Beneficiary Designations and Documentation

Encourage participants to review and update their beneficiary designations regularly to ensure they reflect their current wishes.
Maintain accurate records of beneficiary designations and ensure they are properly documented and stored in accordance with regulatory requirements.

IX. Plan Amendments and Updates

Review and analyze proposed plan amendments to ensure they comply with applicable laws and regulations.
Obtain legal review and approval for plan amendments as necessary to ensure compliance with ERISA and other regulatory requirements.

X. Recordkeeping and Documentation

Maintain accurate and complete records of all pension plan activities, transactions, and communications.
Ensure records are organized, accessible, and retained for the required retention period specified by ERISA and other regulatory agencies.

XI. Training and Continuing Education

Provide training programs for employees involved in pension plan administration to ensure they understand their roles and responsibilities.
Offer continuing education opportunities to keep staff informed about changes in pension laws, regulations, and industry best practices.

XII. Signature

I, [Your Name], hereby acknowledge that I have reviewed the Pension Compliance Checklist Template for [Your Company Name] and affirm our commitment to implementing and maintaining the outlined procedures and practices to ensure compliance with pension regulations.

[Your Name]

Date: