Prepare for a retirement-plan design conversation

Retirement-plan design is a company decision that includes employees as well as owners. Prepare workforce information, compensation records, existing plan documents, and a realistic view of the business's ability to fund contributions. A contribution goal by itself is not a plan design.

Bring the workforce facts

Ask the plan professional which employee information is required for eligibility and design analysis. Include expected hiring, compensation changes, and any related businesses. Coordinate the discussion among the tax adviser, plan administrator, and investment professional so assumptions are shared.

Ask about ongoing obligations

Understand administration, testing, funding, reporting, and employee communication before choosing a plan. Ask for an annual calendar and a named person responsible for each task. Model a weaker-profit year as well as the current year so recurring commitments are visible.

Bring this to the conversation.

• Employee census prepared for the plan professional
• Owner and employee compensation information
• Existing plans and related-business information
• Contribution budget and an ongoing administration calendar

Three questions worth asking.

1. How does the design affect eligible employees?
2. What costs and annual obligations accompany it?
3. Can the business support the commitments in a lower-profit year?

Turn the discussion into a next step.

Ask for a written action list that identifies what should happen, who is responsible, and when the team should review the result. Keep supporting documents with the decision so the books, payroll, and return preparation can follow the same facts.

Reference and applicability.

Related IRS guidance. The checklist and meeting agenda are editorial preparation tools, not an IRS-prescribed procedure. Tax treatment, elections, and deadlines depend on the facts and applicable law. This page does not establish an advisory relationship.