Checklist for terminating a retirement plan and distributing its assets

Key facts

Human involvement: YellowClose supervision
How AI is used: List which of the termination steps on the IRS page the file already records, and whether any asset remains undistributed. Do not prepare a filing.
What the lawyer must review: The IRS page on terminating a retirement plan says a plan is established to continue, and it may be terminated when it no longer suits the business. The steps it lists are: amend to set a termination date, update for law changes, cease contributions, provide full vesting and authorise distribution as soon as administratively feasible; notify participants and beneficiaries; provide a rollover notice; plan to pay outstanding required employer contributions; vest affected participants fully; distribute assets as soon as administratively feasible, generally within 12 months; file a final Form 5500 series return; and, if desired, seek a determination on Form 5310, or on Form 5300 for the cases the page names. A plan that still holds assets is an ongoing plan and must keep meeting the qualification requirements. The determination-letter attachments and the defined-benefit items were listed on the page and are for you to match if you choose to apply. The agency site linked for defined-benefit terminations was not opened. This is not a self-managed fund. You decide whether the plan has terminated.
Written for / version: United States versionUS

Who does what

Who does what
Role	What they do
Assistance	Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope.
Lawyer	Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output.

Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.