Even though personal and corporate tax returns may be behind you—or on extension—the real cycle for retirement plan oversight is just getting started. If you sponsor a 401(k), pension, or other qualified retirement plan, now is a smart time to review how your plan is operating, identify issues early, and make sure you’re on track for compliance and long-term success.
The months following tax deadlines offer an ideal window to catch small problems before they grow, rethink what’s working, and make strategic adjustments for a stronger plan year. Whether filing went smoothly or felt rushed, focusing on your retirement plan now can help you avoid headaches later.
If you’re overseeing a retirement plan, here are the key areas worth reviewing right now:
Key Areas to Review After Filing
A good post-filing review doesn’t have to be complicated. It’s about stepping back, checking the fundamentals, and making small changes where needed. Here are the most important parts of your plan to focus on:
1. Double-Check Contribution Timelines
Go back through your records to confirm that employee and employer contributions were deposited quickly after payroll. Late deposits can create compliance issues and possible penalties. If you spot any delays, now’s the time to address them. You can also review whether your plan made the most of allowable tax-deferred contributions.
2. Review Plan Eligibility and Participation
Make sure all eligible employees had the chance to enroll. Compare your employee list against your plan’s eligibility rules. It’s easy to miss changes in staffing or eligibility dates during a busy year, but even small errors can create big problems down the road.
3. Look at Nondiscrimination Testing Results
If your plan struggled with ADP/ACP or top-heavy testing, it’s worth digging into the results. Patterns like highly compensated employees contributing much more than others can be a sign that a plan design tweak is needed. Safe harbor options might be something to think about if your plan consistently has trouble passing these tests.
4. Review Plan Loans and Distributions
Take a closer look at any loans or withdrawals that went out during the year. Were they processed correctly under the plan’s rules? Are all the proper documents in place? If you had an increase in hardship withdrawals, it might be a good time to review how your plan supports employees facing financial emergencies.
5. Check Plan Fees and Service Providers
Plan costs can creep up over time. Take a fresh look at your plan’s fees and compare them to industry standards. You’ll also want to think about how well your providers are serving your organization. A quick review now can help you decide if it’s time to shop around or renegotiate contracts.
6. Revisit Your Plan’s Design and Goals
Business goals change. Staffing levels change. Ownership structures change. After tax season is a good time to step back and ask if your retirement plan still fits your company’s needs. If it’s been a few years since you made major updates, it might be time to talk through new options.
Quick Tips for a Stronger Year Ahead
Keep better records
Good documentation throughout the year can make tax season a lot easier.
Schedule regular check-ins
Don’t wait until the next filing deadline to look at your plan. Quarterly or mid-year reviews can catch issues earlier.
Communicate with employees
Open enrollment meetings aren’t just for health insurance. Keep your employees in the loop about the retirement plan throughout the year.
Stay alert for law changes
Retirement plan rules change more often than many people realize. A quick mid-year legal check can keep you out of trouble.
Don’t Let Post-Tax Season Fatigue Slow You Down
Tax season can feel like a finish line, but for plan sponsors, it’s really just a checkpoint. The review you do now helps protect your company, your employees, and the future health of your plan.
California Pensions has been helping retirement plan sponsors since 1969. We’re built around flexible, expert service—not product sales. If you could use a second set of eyes on your plan, or want help thinking through next steps, we’re here to help.
Visit pacpension.com to learn more about how we can support your retirement plan needs.
