---
title: "Checklist for terminating a retirement plan and distributing its assets"
url: "https://ailawframework.com/practice/superannuation/wind-up-a-self-managed-fund-and-close-its-reporting/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A27-X20261018-2-US"
practice_area: "Superannuation"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# Checklist for terminating a retirement plan and distributing its assets

> 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.

Canonical page: https://ailawframework.com/practice/superannuation/wind-up-a-self-managed-fund-and-close-its-reporting/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Superannuation](https://ailawframework.com/practice/superannuation.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| 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 | United States |
| Applies to | [Wind up a self-managed fund and close its reporting](https://ailawframework.com/practice/superannuation/wind-up-a-self-managed-fund-and-close-its-reporting.md) |

## Checking plan

- What the AI does: 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.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- Generally within 12 months is the page's phrase. Do not treat it as a day the statute counts.
- A plan that still holds assets is still an ongoing plan.
- Do not prepare Form 5310 or the final return.

## Sources

- [IRS, Terminating a retirement plan](https://www.irs.gov/retirement-plans/terminating-a-retirement-plan) (checked 2026-10-22)
- [ABA Formal Opinion 512, Generative Artificial Intelligence Tools (29 July 2024)](https://www.americanbar.org/content/dam/aba/administrative/professional_responsibility/ethics-opinions/aba-formal-opinion-512.pdf) (checked 2026-10-22)
- [ABA Model Rule 1.1, Competence](https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_1_competence/) (checked 2026-10-22)

## Forms and precedents for this task

| Form or precedent | Kind | AI level | Summary |
| --- | --- | --- | --- |
| [SMSF wind-up checklist](https://ailawframework.com/precedents/superannuation/smsf-wind-up-checklist.md) | Checklist | Green | A step list for winding up a self-managed super fund, from the exit plan and the final audit through to the final return and closing the bank account.… |

Signed-in accounts can read the full text of each one.

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*