Checklist for Plan Administrators
- Have you explained discretionary and mandatory distributions (i.e. April 1 required minimum distributions)?
- Have you explained the benefits available regarding distribution and possibly consolidating assets in the plan?
- Have you provided adequate information on Social Security and Medicare?
- Do your participants know how to contact you if they have questions?
- Do you have a process in place to communicate with participants who are nearing retirement?
Checklist for Participants
- Have you reviewed and updated your plan beneficiaries recently?
- Do you understand your plan’s fees?
- Do you understand how to invest your account?
- If you are considering a rollover, have you thoroughly researched these options to your current plan?
- Do you understand all of your plan’s withdrawal options?
- Do you understand the rules regarding Required Minimum Distributions (required withdrawals beginning at age 70 ½)?
- Do you understand the advantages/disadvantages of keeping your assets in your employer plan after retirement?
- Do you know how to withdraw your Roth 457 and pre-tax funds in a tax efficient way?
- Have you developed a budget for your retirement?
- Have you contacted a financial planner? (should we qualify this or add a link to a reputable site, e,g., http://guides.wsj.com/personal-finance/managing-your-money/how-to-choose-a-financial-planner/)
- Do you have a clear vision/strategy of retirement income?
o Personal savings
o Deferred Compensation
o Social Security
- Do you know how to contact your plan if you need consulting or have questions?