Record Retention

[Guest Karen Renee]

How long do we have to keep most benefit records such as enrollment forms, plan documents, SPDs, etc? Is there a good on-line resource for this?

[Kirk Maldonado]

See ERISA Section 209.

[Guest]

Also, ERISA Section 107 applies. It requires the plan to keep records to verify, explain, or clarify the accuracy and completeness of reports that have to be filed with the government for six years after the filing date. The provision specifically mentions "vouchers, worksheets, receipts, and applicable resolutions." I advise my clients to keep everything they might need to show that the plan was properly administered.