Terminated 401(k) Plan Record Retention

[Guest staceycaylor]

How long do we need to keep records for an old 401(k) account for a company that no longer exists (due to acquisistions) if the plan has been terminated and all funds distributed? What items, if any should be kept and what could be disposed of?

thanks!

[J Simmons]

Before anything is disposed of, I would suggest that you review both ERISA section 107 and the court decision in Roarty v AFA Protective Sys, 2008 WL 4455588 (ED NY 2008)

[Jim Chad]

At a meeting in Grand Rapids, MI, a rep from the DOL said to keep records for 6 years after the due date of the final 5500.

[Guest Sieve]

. . . which is precisely what ERISA Section 107 requires. The records that must be maintained are "records on the matters of which disclosure [under ERISA Secton 104(a)(2)] is required which will provide in sufficient detail the necessary basic information and data from which the [annual return] may be verified, explained, or clarified, and checked for accuracy and completness, and shall include vouchers, worksheets, receipts and applicable resolutions . . ."