How often should I review my 403(b)?

A full checklist once per year (ideally at open enrollment) is sufficient if you use a target-date fund and have auto-escalation enabled. Additionally, run the checklist within 60 days of any major life event: marriage, divorce, birth of a child, job change, or death of a beneficiary.

What is the most commonly missed item on a 403(b) checklist?

Beneficiary designation updates and employer match verification are the most frequently missed and most expensive. Many employees have outdated beneficiaries (ex-spouses, deceased relatives) and have never confirmed that employer match contributions actually appear in their account.

Can my employer make a mistake on my 403(b) contributions?

Yes. Payroll system errors, HR transitions, and plan administrator changes can all cause contribution errors. Employees who check their statements regularly catch these quickly; those who never check may miss months of contributions before noticing.

What happens if I miss the employer match?

If you contribute below the match threshold, you forfeit the employer contribution — it is not banked for you. If a system error caused you to miss the match, some employers will make a corrective contribution, but this is not guaranteed. Verify match receipt quarterly.

How do I find my fund expense ratios?

Your plan provider’s website lists all available funds with expense ratios (often called 'net expense ratio' or 'annual operating expenses'). You can also look up any fund by its ticker symbol on Morningstar.com. Look for funds with expense ratios below 0.20% for index funds and below 0.50% for actively managed funds.

What is vesting and why does it matter for this checklist?

Vesting determines what percentage of employer contributions you keep when you leave. A 3-year cliff vesting schedule means you keep 0% of employer contributions if you leave before 3 years, and 100% after. Knowing your schedule prevents accidentally forfeiting employer money by leaving slightly too early.

403(b) Checklist: 10 Things to Verify Every Year

Most 403(b) mistakes are not dramatic blunders — they are quiet omissions that compound over decades. A wrong beneficiary designation, a missed employer match, or an expense ratio you never reviewed can cost tens of thousands of dollars. This 10-item checklist takes 30 minutes once a year and prevents the most expensive 403(b) errors.

The Annual 403(b) Checklist

💡When to Run This Checklist

Best timing: November or December, before open enrollment closes. Second-best: within 60 days of a major life event — marriage, divorce, birth of a child, job change, or death of a family member. At minimum, run it once per year.

1. Confirm Your Contribution Rate Is Correct

Log into your payroll system and verify the exact contribution percentage being deducted. Payroll errors do occur — especially after raises, job title changes, or system migrations. A 0.5% error on a $70,000 salary is $350/year in missed contributions, or roughly $2,700 at retirement (7% return, 20 years remaining).

2. Verify Employer Match Is Being Received

Check your most recent 403(b) account statement to confirm employer contributions appear alongside your employee contributions. Some employers deposit matching contributions quarterly or annually — not every paycheck. If you have not seen employer contributions in 6+ months, call HR immediately. Missed employer matches are rarely corrected retroactively.

3. Review and Update Your Beneficiary Designations

Your 403(b) beneficiary designation overrides your will entirely. A divorced nurse in Denver who remarried five years ago but never updated her 403(b) beneficiary leaves her entire retirement account to her ex-spouse by default — regardless of any will, trust, or verbal intent. Log into your plan and verify primary and contingent beneficiaries match your current wishes. This takes 5 minutes and can prevent devastating outcomes.

4. Check Investment Fund Expense Ratios

Review the expense ratio for every fund you hold. If any fund exceeds 0.75% annually, research whether a lower-cost alternative exists in your plan. A $150,000 balance in a fund charging 1.2% versus 0.10% costs $1,650 more per year in fees — $33,000 over 20 years. Many plan participants were enrolled in high-fee funds at hire and never switched.

5. Verify Your Asset Allocation Matches Your Timeline

If you are not using a target-date fund, your portfolio may have drifted significantly from your target allocation. A portfolio that started at 80% stocks/20% bonds in 2020 may now be 92% stocks/8% bonds after market gains — far more aggressive than intended. Annual rebalancing brings it back to target. If you are 5–10 years from retirement and still at 90% stocks, that is a red flag.

6. Confirm Vesting Schedule Progress

Employer contributions often vest over 2–6 years. Check your current vesting percentage and note the date(s) when additional vesting occurs. If you are at 80% vesting and full vesting hits in 4 months, leaving your job before that date costs you 20% of all employer contributions — potentially thousands of dollars. Knowing the schedule prevents accidental forfeitures.

Annual 403(b) checklist: 10 items, total time about 30 minutes

Item	Where to Check	Time Required	Stakes If Missed
Contribution rate	Payroll portal / pay stub	2 min	Missed contributions, missed match
Employer match received	Account statement	3 min	Years of unclaimed free money
Beneficiary designation	Plan provider portal	5 min	Wrong person inherits account
Fund expense ratios	Fund prospectus / plan website	5 min	Thousands in unnecessary fees
Asset allocation	Account statement	5 min	Excessive risk or drag
Vesting schedule	HR or plan document	3 min	Forfeited employer money on exit
Plan loan status	Account statement	2 min	Unexpected taxable event
Contribution limit headroom	IRS website + ytd contributions	3 min	Missed tax-advantaged space
Contact info accuracy	Plan provider portal	2 min	Missed statements / security issues
Auto-escalation status	Benefits portal	2 min	Stalled contribution rate

7. Check Any Outstanding Plan Loans

If you have a 403(b) loan, verify the balance, repayment schedule, and remaining term. Loans left unpaid after leaving an employer become taxable distributions — plus a 10% penalty if you are under 59½. A teacher with a $12,000 403(b) loan who changes districts without repaying it could owe $3,600–$4,800 in taxes and penalties.

8. Assess IRS Contribution Limit Headroom

In 2025, the 403(b) contribution limit is $23,500 ($31,000 if 50+). If you are below the limit, calculate whether increasing contributions for the remaining months of the year is feasible. Even one additional month at a higher rate matters: $500 extra per month for 3 months = $1,500 more in tax-advantaged space that cannot be recovered.

9. Verify Contact Information and Security Settings

Log into your plan provider portal and confirm your email, phone number, and mailing address are current. Enable two-factor authentication if available. Retirement accounts are high-value fraud targets — outdated contact information means security alerts never reach you.

10. Confirm Auto-Escalation Is Active

If you set up auto-escalation, confirm it fired on schedule. Some plan system migrations or HR changes inadvertently reset auto-escalation settings. If it was supposed to increase from 8% to 9% in January and it is now March and you are still at 8%, something went wrong. Fix it manually and document the correction.

Run the Numbers After Your Checklist

Once you’ve verified your rate and match, project your balance to see where you land at retirement — and whether a rate adjustment makes sense.

Open 403(b) Calculator →