401(k) Plan Setup Checklist

The 9-step setup process

1. 01Kick-off Call

   Week 1 · Shared

   GateKeeper, the current plan sponsor, and Royal Fund Management meet to align on scope, timeline, responsibilities, and the documents we’ll need along the way.

   • Gather the Master Plan Document, Adoption Agreement, and Summary Plan Description (SPD)
   • Identify the plan’s named fiduciary and day-to-day administrative contact
   • Confirm the target go-live date and any blackout constraints

2. 02Weekly Cadence Established

   Week 1–2 · Shared

   Recurring status calls are scheduled so no one is in the dark. Clear expectations, a shared checklist, and transparency by default.

   • Set a standing weekly call with HR, finance, and payroll representatives
   • Agree on a single shared task list and document repository

3. 03New Plan Documents Prepared

   Week 2–3 · GateKeeper

   We draft the updated plan documents — adoption agreement, restated Master Plan Document, and SPD — and circulate them for review and sign-off.

   • Review draft eligibility, vesting, match, and auto-enrollment provisions
   • Route documents to counsel if the sponsor requires legal review
   • Obtain authorized signatures on the adoption agreement

4. 04Employee Census Collected

   Week 3–4 · Sponsor

   Typically a single payroll file. We confirm eligibility, compensation, deferral elections, and employment dates so nothing slips through the cracks.

   • Export a census with hire/termination dates, hours, compensation, and deferral elections
   • Flag any part-time employees approaching long-term part-time eligibility
   • Reconcile the census against the current recordkeeper’s participant list

5. 05Recordkeeper Training

   Week 4–5 · Shared

   One of our favorite parts — we schedule Empower recordkeeping software training so your team is confident well before go-live.

   • Name the administrative users who need portal access
   • Complete contribution submission and reporting walkthroughs

6. 06Payroll Integration & Training

   Week 5–6 · Shared

   Depending on your payroll provider, we set up 180° or 360° integration and train your payroll contact to make ongoing contributions as easy as possible.

   • Confirm the payroll provider and whether 180° or 360° integration is available
   • Test a sample contribution file before the first live payroll
   • Document the deposit timing standard for elective deferrals

7. 07Data Load & QA

   Week 6–8 · GateKeeper

   Behind the scenes we load employee data, double-check every field, and reconcile balances so the transfer and enrollment are seamless.

   • Validate balances, sources, and vesting service against prior-provider records
   • Resolve any data exceptions before the blackout window opens

8. 08Prior Provider Handoff

   Week 8–10 · Shared

   We contact the incumbent recordkeeper, set blackout dates for the asset transfer, and distribute the required participant notices.

   • Issue the ERISA 404(c) and blackout notices within required timeframes
   • Send written termination notice to the incumbent recordkeeper
   • Retain copies of all participant notices in the plan’s fiduciary file

9. 09Enrollment Meeting

   Week 10–12 · Shared

   Time to launch. We schedule an on-site or virtual enrollment session where your advisor meets employees, answers questions, and helps them enroll.

   • Schedule on-site or virtual enrollment sessions across all shifts and locations
   • Distribute enrollment materials and the updated SPD
   • Confirm the first payroll contribution posts correctly after go-live