Retirement Account Records

[Guest mporterst]

I know it's late on a Friday night, but can anyone point me to a Code section or Regulation section that dictates how long must retirement account historical data be maintained?

[TPA Bob]

I've asked this question before - I have not found anything regarding a statute of limitations, etc.

[Jim Chad]

It is a DOL regulation, I'm certain of that certain of that. And you count form the due date of the Form 5500. And I think it is 6 years.

If I remember correctly you are required to keep records until 6 years have passed since the due date of the 5500.

But I'm sorry, I cannot remember where the Reg is.

[K2retire]

I think it depends on what data you're refering to. Records as to hours of service for eligibility and vesting must be kept pretty much forever in case of a challenge to a benefit that may be paid years down the road. (especially if the payee is a death beneficiary who won't know things that the participant knew.)

[MWeddell]

See ERISA Section 107.

For IRS requirements regarding the retention of computerized records, see Rev. Proc. 98-25.