Electronic Storage of Retirement Plan Participant Files

[Guest Benny Comply]

We are an employer who adminsters the DB retirement plan (28,000 participants) and retiree medical plan in-house. Various other departments within our organization utilize Documentum for electronic storage, and we are contemplating using it also for our employee benefit plan records.

We are familiar with the records retention requirements for benefit plans and are exploring an electronic media storage option.

Do any of you employers have experience converting to electronic storage for your plan participant files (e.g. benefit election forms, tax withholding, beneficiary designations, QDRO's, etc.), and if so, can you please offer any tips and/or considerations which should be addressed when evaluating this option. We also maintain separate retiree medical files (which may contain PHI) that we hope to also convert to electronic media.

Any insight is much appreciated.

Benny