As plan sponsors approach the end of year, they might be contemplating cleaning out a few old files and making room for the new.  When approaching this New Year cleaning, consider which documents relating to the Plan should be kept, and for how long.

  • Documents that support annual reporting and disclosure should be kept within easy access for 6 years after filing an ERISA related report.
  • All plan documents, such as adoption agreements and amendments to the plan, should be kept for the life of the plan.
  • Plan sponsors should maintain enough documentation to support the amount of benefits accrued for each Plan participant should the Department of Labor issue any inquiries.

Do you have procedures in place to properly store and dispose of Plan documents?