Records Retention - ERISA & IRS -What do they say?

[ljr]

Can anyone help me locate the thread I'm sure I saw on the topic of records retention for ERISA plans? I believe it cited something in ERISA on this topic. Cite from IRS?

In reviewing old files, I'm finding our organization has records that date back well over 20 years and I'd like to document that it's okay to shred them now.

Somehow keeping records for the current year plus 10 prior comes to mind?

Thanks for any help you can offer. What does your organization do about retention of old allocations, documents, distribution forms, etc.

[Blinky the 3-eyed Fish]

No matter what the IRS says, I would never shred old papers. From personal experience I can say that there are times when you will need to refer back to them for certain clients.

[Guest Ken Bonus]

Another consideration is that the IRS and DOL will normally require correction of operational defects for all years that the defects existed, even if such years are past the normal statute of limitations. Better a packrat be!

[Guest F1fan]

See sections 107 and 209 of ERISA, and corresponding regulation 2520.107-1.

For records pertaining to determination of a participant’s benefits, those would generally need to be retained as long as they are relevant. Therefore, depending on the record, there may not be a default time when the record may be destroyed.

[david rigby]

I agree with Blinky (OK, on this one, not always). There have been some prior discussion threads on this. For example,

http://benefitslink.com/boards/index.php?showtopic=23415

http://benefitslink.com/boards/index.php?showtopic=2400

http://benefitslink.com/boards/index.php?showtopic=1259

http://benefitslink.com/boards/index.php?showtopic=12007

http://benefitslink.com/boards/index.php?showtopic=5234

[Blinky the 3-eyed Fish]

Hey, what's that crack about?