What Records Should ERISA Plans Retain?

Q: As a plan administrator, I know the Employee Retirement Income Security Act requires that I retain plan records. But what is a plan record exactly? Are fee benchmarking reports plan records? How about documentation from Requests for Proposal? Legacy service provider records?

Kimberly Boberg, Kelly Geloneck, Emily Gerard and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:

A: Good question! Though Sections 107 and 209 of ERISA are not specific with regard to items, such as fees and service provider records, it is typically best to be as inclusive as possible when determining whether an item is or is not a plan record, since (a) The Department of Labor has a degree of latitude as to what it can request in a plan audit and (b) even if the DOL does not request a particular document, it could be a record that can be requested in litigation. Thus, all the items that you indicated should presumably be retained. When in doubt as to whether an item is a plan record, plan sponsors should consult with their outside ERISA counsel.

NOTE: This feature is to provide general information only, does not constitute legal advice and cannot be used or substituted for legal or tax advice.

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