2026 Cost-of-Living Adjustments Affecting Retirement Plans: The IRS annually publishes cost-of-living adjustments (COLAs) applicable to defined benefit pension plans and defined contribution plans. Access the 2026 COLAs below.

Recommended Action for Employers in 2026

USI Consulting Group (USICG) recommends that employers maintain fiduciary files for their retirement plans.

There are many benefits of maintaining a fiduciary file for your retirement plan:

• Plan governance documentation organized in one convenient location
• Preparedness for audits by the plan’s accountant, IRS or U.S. Department of Labor (DOL)
• Preparedness for due diligence in the context of mergers and acquisitions
• Identification of potential compliance issues to address outside of enforcement
• Improved fiduciary structures and compliance, and mitigated liability
• Avoidance of administrative errors or missed deadlines

Here is a list of items you might maintain in your fiduciary file for your retirement plan:

• Governing plan document (including any basic plan document, adoption agreement, amendment, trust agreement, IRS determination letter, or IRS opinion letter) — in chronological order, all executed and dated
• Summary plan description (SPD), including any summary of material modifications thereto
• Retirement committee charter (or a list of plan provisions regarding governance), including any written delegations from the board of directors or other managing body
• Investment policy statement
• Funding policy (if applicable)
• ERISA fidelity bond
• Any liability insurance policy covering ERISA fiduciaries
• Service agreements with plan service providers (e.g., platform provider, investment advisor or manager, actuary, third-party administrator, or auditor), including ERISA fee disclosures
• Form 5500, all attachments and any audit report, for the last six plan years
• Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, for the last six years
• Regulatory participant notices (e.g., safe harbor notice, blackout notice, participant fee disclosure, QDIA notice, summary annual report, or notice of reduction of benefit accruals) for the last six plan years
• Investment advisor plan performance reports from the plan’s investment advisor (including any service provider fee benchmarking) for the last six years
• Plan compliance testing (if applicable)
• Retirement committee minutes, in writing, documenting and explaining important committee decisions (e.g., qualification of domestic relations orders or beneficiary determinations)
• Governmental filings, routine or corrective
• Governmental correspondence during the last six years
• Actuarial reports (funding and accounting)
• Credit balance election forms
• Pension Benefit Guaranty Corporation Premium Filings (if applicable)