Retirement Plans

If you offer a 401(k) or other ERISA-covered retirement plan, you must give eligible employees the Summary Plan Description and required participant notices on strict timelines, and you carry personal fiduciary liability as plan administrator.

See the Step-by-Step ProcessPacket & Calendar
What The bundle of plan documents and required participant notices that ERISA-covered retirement plans must deliver to eligible employees, starting with the Summary Plan Description (SPD) and growing to include annual fee disclosures, safe harbor notices, and more depending on your plan design.
Who Employers sponsoring a 401(k), 403(b), profit-sharing, pension, or other ERISA-covered retirement plan; all employees who become plan participants or are eligible to participate.
When SPD within 90 days of becoming a participant; other notices have their own timing windows, and several must be delivered before the plan year begins, not just at enrollment.
Risk ERISA penalties up to $110 per day per participant for late or missing SPDs; DOL enforcement actions; plan disqualification; personal fiduciary liability for plan administrators who fail to meet disclosure obligations.
90
SPD

Within 90 days of an employee becoming a participant.

30 to 90
Pre-plan-year notices

Safe harbor, QDIA, and auto-enrollment notices before the plan year begins.

6 yr
Recordkeeping

ERISA requires plan records be kept at least 6 years.

Item Due Date / Window Notes
Summary Plan Description (SPD) Within 90 days of becoming a participant Within 120 days if the plan is newly subject to ERISA. Redistribute every 5 years (or 10 years if no amendments). Provide within 30 days of written request.
Summary of Material Modifications (SMM) Within 210 days after plan year in which change was adopted Within 60 days for certain significant modifications. Required whenever the plan is materially amended.
Participant Fee Disclosure (29 CFR § 2550.404a-5) At or before initial enrollment; annually (at least every 14 months) Also required when a new investment option is added. Quarterly statements showing actual charges to individual accounts are also required.
Summary Annual Report (SAR) Within 9 months after plan year end Or 2 months after the Form 5500 extension deadline if an extension was granted. Not required for unfunded plans or small plans exempt from Form 5500.
Safe Harbor Notice 30 to 90 days before plan year begins Required only if plan uses safe harbor 401(k) design. Must be provided annually before each plan year.
QDIA Notice (Qualified Default Investment Alternative) At least 30 days before plan year or before auto-investment begins Required if plan designates a QDIA for participants who do not make investment elections. Annually thereafter.
Automatic Enrollment Notice (EACA / QACA) At least 30 days before plan year or before employee becomes eligible Required for plans with automatic enrollment features. Annually for current participants. New plans after Dec. 29, 2022 generally must include auto-enrollment under SECURE 2.0.
Blackout Notice At least 30 days before blackout begins Required when participants cannot direct investments, take loans, or take distributions for more than 3 consecutive business days (e.g., during a recordkeeper transition).
Annual Funding Notice (defined benefit plans) Within 120 days after plan year end Defined benefit / pension plans only. Not required for 401(k) or profit-sharing plans.
Item: Summary Plan Description (SPD)
Window: Within 90 days of becoming a participant
Notes: 120 days if newly subject to ERISA. Redistribute every 5 years (10 if no amendments).
Item: Summary of Material Modifications (SMM)
Window: Within 210 days after the plan year of the change
Notes: 60 days for certain significant modifications.
Item: Participant Fee Disclosure (404a-5)
Window: At enrollment; annually (every 14 months)
Notes: Also when a new investment option is added; quarterly statements required.
Item: Summary Annual Report (SAR)
Window: Within 9 months after plan year end
Notes: Not required for unfunded or small plans exempt from Form 5500.
Item: Safe Harbor Notice
Window: 30 to 90 days before plan year begins
Notes: Safe harbor 401(k) designs only. Annually before each plan year.
Item: QDIA Notice
Window: At least 30 days before plan year or before auto-investment
Notes: Required if the plan designates a QDIA. Annually thereafter.
Item: Automatic Enrollment Notice (EACA / QACA)
Window: At least 30 days before plan year or eligibility
Notes: New plans after Dec. 29, 2022 generally require auto-enrollment under SECURE 2.0.
Item: Blackout Notice
Window: At least 30 days before blackout begins
Notes: When investing/loans/distributions are suspended for 3+ business days.
Item: Annual Funding Notice (defined benefit plans)
Window: Within 120 days after plan year end
Notes: Pension plans only; not 401(k) or profit-sharing.
  • Plan Document: The full legal plan document. Participants may request a copy; you must provide it within 30 days of a written request.
  • Summary Plan Description (SPD): The participant-friendly version of the plan document. This is the core required disclosure; your recordkeeper or TPA typically prepares it.
  • Enrollment Materials: Contribution election form (or HRIS/portal task), investment election form, beneficiary designation form, and rollover/transfer-in form if the plan accepts incoming rollovers.
  • Investment Information: Fund lineup with fund fact sheets or prospectuses, fee information, and performance data.
  • Participant Fee Disclosure Statement (404a-5): The annual statement covering plan-level administrative fees and investment-level fees. Usually generated by the recordkeeper.
  • Plan-Design-Specific Notices: Safe harbor notice, QDIA notice, and/or auto-enrollment notice if your plan uses these features.
  • Loan Policy: If the plan permits participant loans, provide the written loan policy with enrollment materials.
1
Confirm your plan's eligibility rules and waiting periodKnow when each new hire becomes eligible so you can trigger notice delivery on time.
2
Obtain a current SPD from your recordkeeper or TPAConfirm it reflects the current plan document; if the plan was amended without a corresponding SMM or updated SPD, address that first.
3
Assemble enrollment materialsContribution election, investment election, beneficiary designation, loan policy (if applicable), and rollover form.
4
Identify which plan-design notices applySafe harbor, QDIA, and/or auto-enrollment. Set calendar reminders for the 30 to 90 day pre-plan-year delivery window.
5
Deliver the participant packetElectronically or on paper, and log or obtain acknowledgment of receipt.
6
Confirm enrollmentWith the recordkeeper, and verify contributions begin on the correct payroll.
7
Track annual obligationsFee disclosure (every 14 months), SAR (9 months post-plan-year), plan-design notices (before each plan year), and SMMs for any plan amendments.
  • Electronic delivery (DOL 2020 safe harbor): Two methods are available, the "notice and access" model (post documents on an accessible website; notify participants at their work email) or the "direct email" model (deliver directly to a personal email with affirmative consent). See the Electronic Delivery Consent page for consent requirements.
  • Paper always available on request: Participants have the right to request paper copies of the SPD, plan document, or any required notice at any time, free of charge. You must respond within 30 days of a written request.
  • Language access: If a significant portion of your participants are literate only in a language other than English, the SPD must include a prominent notice (in that language) indicating how to obtain assistance.
  • Terminated employees: Former participants retain rights to plan documents and account statements. Confirm the delivery method remains functional after work email deactivation.
  • SPD and SMMsCopy of the SPD and each SMM, with version and effective dates, per plan year.
  • Distribution logFor SPDs, annual notices, and fee disclosures: who received what, when, and how.
  • Enrollment formsSigned enrollment forms and beneficiary designations for each participant.
  • Amendment historyPlan amendment history and the date corresponding SMMs or updated SPDs were issued.
  • Fee disclosure logsParticipant fee disclosure delivery logs and quarterly statement records.
  • RetentionERISA § 107 requires plan records to be retained for at least 6 years after the filing date of the documents to which they relate. Retain longer where state law or litigation risk warrants.

Common traps

Missing the safe harbor and QDIA notice window: Safe harbor and QDIA notices must be delivered 30 to 90 days before the plan year begins, not at the start of the year, and not just at enrollment. Many employers miss this window because they think of it as an enrollment-season task rather than a pre-plan-year task. Set a calendar reminder in October or November for calendar-year plans.

FAQs

"Our recordkeeper handles all of this."
Recordkeepers handle operational administration, but the employer is the named plan administrator under ERISA, and fiduciary responsibility for notice delivery rests with the plan administrator, not the vendor. If a notice is late or missing, the DOL looks to the employer first. Review your service agreement to understand exactly what your recordkeeper is and is not contracted to do.

What happens if we don't update the SPD after a plan amendment?
You must issue a Summary of Material Modifications (SMM) within 210 days after the plan year in which the amendment was adopted (60 days for significant changes). If participants are relying on an outdated SPD and experience a benefit dispute, the plan is generally held to the terms most favorable to the participant. Not updating is both a compliance violation and a benefit liability risk.

Do we need to provide documents to employees who haven't enrolled?
Eligible employees (those who could enroll but haven't) have the right to receive SPDs and certain notices even if they haven't elected to participate. Some notices, including auto-enrollment and safe harbor notices, must be provided to all eligible employees, not just active participants.

What is the fee disclosure (404a-5) and who prepares it?
The participant fee disclosure statement is required under 29 CFR § 2550.404a-5 for all participant-directed 401(k) and similar plans. It discloses plan-level administrative fees and investment-level fees for each fund option. Your recordkeeper typically generates this, but you must ensure it goes out at enrollment and at least once every 14 months. Quarterly account statements must also show actual fees charged to individual accounts.

What are the 2026 contribution limits?
For 2026: the employee elective deferral limit is $24,500; standard catch-up for participants age 50 and older is $8,000 (total $32,500); enhanced "super catch-up" for participants age 60 to 63 under SECURE 2.0 is $11,250 (total $35,750). Beginning January 1, 2026, participants age 50 or older who earned more than $150,000 in FICA wages in the prior year must make catch-up contributions on a Roth (after-tax) basis.

SECURE 2.0: Mandatory Auto-Enrollment for New Plans

The SECURE 2.0 Act of 2022 (effective for plan years beginning after 2024) requires most new 401(k) and 403(b) plans established after December 29, 2022 to include automatic enrollment at an initial rate of at least 3% and an automatic escalation feature. Plans established before that date are grandfathered. If your plan is newly subject to this requirement, ensure your auto-enrollment notice, QDIA notice, and plan document all reflect the required features. Small businesses with 10 or fewer employees and businesses in existence for less than 3 years are exempt.

SECURE 2.0: Roth Catch-Up Requirement Starting 2026

Beginning January 1, 2026, participants age 50 or older who earned more than $150,000 in FICA wages in the prior calendar year must make all catch-up contributions on a Roth (after-tax) basis. This is a payroll and plan administration change; confirm your recordkeeper and payroll system are configured to handle the bifurcation between pre-tax and Roth catch-up amounts based on prior-year wages.

Small Plans (Fewer Than 100 Participants)

Plans with fewer than 100 participants at the beginning of the plan year may be eligible to file the simpler Form 5500-SF and may be exempt from certain audit requirements. Some small plans are also exempt from the Summary Annual Report requirement. Check with your plan's ERISA counsel or TPA to confirm which exemptions apply, and confirm you still meet all participant disclosure obligations regardless of filing exemptions.

SIMPLE IRA vs. 401(k)

SIMPLE IRA plans (available to employers with 100 or fewer employees) have lower administrative requirements than 401(k) plans and are not subject to ERISA's Form 5500 filing or SPD requirements in the same way. However, employers must provide employees with annual notification of their right to participate, contribution election procedures, and plan details before the election period each year. If you offer a SIMPLE IRA, confirm the annual notification requirements with your plan's financial institution.

State-Mandated Retirement Programs

Several states require employers who do not offer a qualifying retirement plan to enroll employees in a state-administered payroll deduction IRA program: California (CalSavers), Oregon (OregonSaves), Illinois (Illinois Secure Choice), Colorado (Colorado SecureSavings), Connecticut (MyCTSavings), Maryland (Maryland$aves), New Jersey (RetireReady NJ), Virginia (RetirePath Virginia), Washington (Washington Saves, rolling out), and others. If your state has a mandate and you do not offer a qualifying plan, you may be required to register with the state program. Offering a qualifying employer-sponsored plan (including a 401(k)) generally exempts you from the state mandate.

Multi-State Employers

ERISA generally preempts state laws that "relate to" employee benefit plans, so a single ERISA plan document can cover employees in multiple states. However, state-mandated program exemptions, state payroll rules for Roth contributions, and any state income tax treatment of retirement contributions vary. Confirm payroll setup with your provider for each state where you have employees.

Use the checklist below to assemble the participant packet for each new enrollee and to track your annual notice obligations. Most of the documents will come from your recordkeeper; your job is to confirm they're current, delivered on time, and logged.

RETIREMENT PLAN: NEW PARTICIPANT PACKET

[Company Name], [Plan Name], Plan Year: _____________

Prepared for: _________________________  |  Eligibility Date: _____________

Date Distributed: _____________  |  Delivery Method: ☐ Portal/Email   ☐ Paper

PART 1: REQUIRED PLAN DOCUMENTS

  • ☐ Summary Plan Description (SPD), Version: _______ Effective: _____________
  • ☐ Most recent Summary of Material Modifications (SMM), if any
  • ☐ Participant Fee Disclosure Statement (404a-5), current annual disclosure
  • ☐ Loan Policy (if plan permits participant loans)

PART 2: ENROLLMENT FORMS

  • ☐ Contribution Election Form (or HRIS/portal task), deadline: _____________
  • ☐ Investment Election Form (or portal instructions)
  • ☐ Beneficiary Designation Form
  • ☐ Rollover/Transfer-In Form (if plan accepts incoming rollovers)

PART 3: PLAN-DESIGN-SPECIFIC NOTICES (check all that apply)

  • ☐ Safe Harbor Notice (if safe harbor plan design), must be delivered 30 to 90 days before plan year
  • ☐ QDIA Notice (if plan has a qualified default investment alternative), 30 days before plan year
  • ☐ Automatic Enrollment Notice (if plan has auto-enrollment), 30 days before enrollment
  • ☐ Roth Catch-Up Notice (if applicable for participants age 50+ earning over $150K), starting 2026

PART 4: INVESTMENT INFORMATION

  • ☐ Fund lineup and investment options summary
  • ☐ Fund fact sheets or prospectuses for each option
  • ☐ Recordkeeper/portal access instructions and login setup
  • ☐ Contact information: recordkeeper participant services line

Employee signature confirming receipt: __________________________ Date: ______________

[HR Use Only] Packet version: _______   SPD version confirmed current: ☐ Yes   Filed: _____________

Annual Retirement Plan Notice Calendar

Set these reminders each year. Most apply to calendar-year plans (January 1 plan year); adjust if your plan year runs on a different cycle.

  • October to November: Issue Safe Harbor Notice, QDIA Notice, and/or Auto-Enrollment Notice (must arrive 30 to 90 days before January 1).
  • Within 14 months of last issuance: Issue annual Participant Fee Disclosure (404a-5); confirm quarterly statements are going out.
  • Within 9 months after plan year end (September 30 for calendar-year plans): Distribute Summary Annual Report (SAR).
  • Within 210 days after the plan year of any amendment: Issue Summary of Material Modifications (SMM).
  • Every 5 years: Redistribute updated SPD to all participants (every 10 years if no amendments).
  • Before any blackout period: Issue Blackout Notice at least 30 days in advance.
  • New participants (rolling): Deliver SPD and enrollment packet within 90 days of plan participation.