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Retirement Plan Document Retention: What Should Fiduciaries Keep?

Categories: Insights |

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:

  • Agendas
  • Fiduciary investment reviews
  • Meeting Minutes
  • Plan governance documents (such as):
    • Board Resolutions
    • Charters
    • Acceptance/Resignations
  • Plan reviews
  • Educational materials

In addition, we recommend that you include other important documents for future retrieval such as:

  • Plan documents
  • Amendments
  • SPDs
  • SMMs
  • 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.

 

 

Important Disclosure

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from Domani. A copy of Domani’s current written disclosure brochure discussing our advisory services and fees continues to remain available upon request.

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