Buried by custodian statements....

[heygents]

We are a financial advising and 401k recordkeeping firm and have been holding on to and filing away the piles of custodian statements we receive each month from our 401k plan custodians. We never use the paper statements because they are available for download online at any time and it is much easier to go online to get them then dig through files.

Is there any law that states we must keep paper copies of statements if they are made available online?

Thanks

[ETA Consulting LLC]

No, the retention rules do not require "paper"; especially when electronic copies will be more efficient and effective.

Good Luck!

[BG5150]

And ask the custodians to stop sending you the paper copies. Most will be happy to oblige.

[heygents]

No, the retention rules do not require "paper"; especially when electronic copies will be more efficient and effective.

Good Luck!

Is there a specific IRS, ERISA, DOL rule you can point me to that explicitly says this. Not that I don't believe you but I just want to make sure before I begin shredding tons of statements.

Thanks