Record Retention--DOL Final Rules

[Guest Sparky]

We are familiar with Labor Regulation Section 2520.107-1(d), which provides that original paper records may be disposed of any time after they are transferred to an electronic recordkeeping system (provided that the system complies with the rules), unless the electronic record “would not constitute a duplicate or substitute record under the terms of the plan and applicable federal or state law”.

As a practical matter, what does this mean? For example:

* What original paper records are Plan Administrators and Employers retaining, even after these records have been transferred to an electronic recordkeeping system?

Original distribution and loan forms that are notarized?

Original distribution and loan forms that are not notarized?

Certified copies of QDROs or death certificates?

Plan amendments?

Powers of Attorney?

* Am I correct in assuming that TPAs typically return the original paper documents listed above to Plan Administrators and Employers, regardless of whether the TPA is transferring documents to an electronic recordkeeping system?

Thanks in advance for any thoughts on this.