Retirement Plan Document Retention: What Should Fiduciaries Keep?
ERISA requires employers to retain certain documents as part of its recommended retirement plan document retention. These records are critical if your plan were ever to be challenged by the IRS, Department of Labor, or plan participants.
We recommend saving the following in some type of fiduciary briefcase or file structure:
- Fiduciary investment reviews
- Meeting Minutes
- Plan governance documents (such as):
- Board Resolutions
- Plan reviews
- Educational materials
In addition, we recommend that you include other important documents for future retrieval such as:
- Plan documents
- Plan policies
- Participant educational Materials
- Third-Party Contracts
Develop a system to make it easy for you to review, update, preserve and properly dispose of documents for quality retirement plan document retention. If you are ever challenged, an organized system can mean the difference between a quick minimal dispute or a lengthy, drawn-out costly battle.
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