Qualified Retirement Plan
Trustee Review Checklist
Your employees deserve a retirement plan they love — and you need a retirement plan that doesn't create a liability for you. Complete the checklist below to find the gaps and reduce your vulnerability.
Governance & Plan Documents
5 items · Committee, fiduciary roles, plan documents, compliance
Investments & Investment Policy
5 items · QDIA, IPS, fund performance, watch list, fees
Service Providers, Contracts & Fees
4 items · Vendor inventory, SLAs, benchmarking, conflicts of interest
Compliance, Operations & Transactions
6 items · Deferrals, contributions, Form 5500, testing, transactions
Participant Experience, Reporting & Security
6 items · Participation, readiness, communications, SOC reports, cybersecurity, insurance
Overall Checklist Score
| Section | Max | Yes | No |
|---|---|---|---|
| Governance & Plan Documents | 5 | 0 | 0 |
| Investments & Investment Policy | 5 | 0 | 0 |
| Service Providers, Contracts & Fees | 4 | 0 | 0 |
| Compliance, Operations & Transactions | 6 | 0 | 0 |
| Participant Experience, Reporting & Security | 6 | 0 | 0 |
| TOTAL | 26 | 0 | 0 |
What Trustees Do
When They Find Gaps
"Most trustees who work through this checklist find at least one or two areas that deserve a closer look. That's not a failure — it's the point. The question is what to do next."
Identify the Gaps
Note which items you checked No to or left blank. Prioritize any red flags first — those carry the highest fiduciary exposure and the greatest risk of DOL scrutiny or participant harm.
Benchmark Your Plan
A well-run retirement plan does more than pass compliance tests. It helps your organization recruit, reward, and retain the employees who drive your business forward. Achieving that requires executive stakeholders to exercise prudent oversight across three areas:
- The appropriateness, quality, and consistency of your investment lineup
- In context of your company, the reasonableness of fees
- The strength of your governance practices
Benchmarking is an honest evaluation of whether your plan is delivering the value your employees and your organization deserve.
Request a Complimentary Plan Review
A no-cost, no-obligation conversation with a qualified plan fiduciary advisor can help you determine whether the gaps you've identified represent real risk — and what it would take to close them.
Van Richards, ChFC® · RICP®
Van Richards is a fiduciary retirement plan advisor with more than 30 years of experience managing qualified retirement plans for mid-size employers across Texas.
As a ChFC® and RICP® credentialed professional, Van works as a fiduciary for select qualified plans and individuals — meaning he is obligated to act in their best interest, not his own.
He works exclusively with qualified plans of $8 million or more — where the complexity and stakes warrant a dedicated fiduciary advisor.
Van Richards, ChFC®, RICP® · Richards Financial Planning, LLC · 713-320-6124
This document is for educational purposes only and is not legal, tax, or financial advice. © 2026 Richards Financial Planning, LLC