document retention

Plan Documents… Save or Purge?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Many ERISA plan sponsors are unclear regarding a primary fiduciary responsibility concerning plan document retention (which and when documents may be purged). Most plan sponsors adopt an assumed “reasonable” amount of time to retain documents prior to purging them. Unfortunately, IRS rules may not always be complicit with what may be assumed to be “reasonable”.  Read More →
Record Retention: What Should I Keep, For How Long, and How Should I Organize It?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
We hear time and time again, “what records should I keep, how long should I keep them, and how should I organize my files?” Remember several rules of thumb when it comes to record retention. Plan Documents should never be discarded. This includes Basic Plan Documents, Adoption Agreements, Amendments, and Summary Plan Descriptions. Annual Filing  Read More →
Are You Ready for an Audit?
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
Several events can trigger a DOL or IRS audit, such as employee complaints or self-reporting under the annual submission of the Form 5500. Often times an audit is a random event, which is why you should always be prepared. Listed below are several key items typically requested in an initial letter sent by the IRS  Read More →

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