Nov 1, 2021

One of the most vexing aspects of benefit plan sponsorship and administration is hanging on to old records like enrollment forms, claim denials, plan documents, SPDs, ACA filings, etc. So when it comes to record retention, how long is long enough?

Ed and Scott welcome to the show their colleague, attorney Suzanne Bach, formerly of the Labor Department’s national office, to explain the rules, and best practices, around plan-related document retention. Join them as they explain:

• Why the answer to “What if I can’t find it?” in response to federal enforcement agents’ request for plan records is going to be “You lose.”
• How does the record retention period differ depending on the law requiring the document and depending on how the request is couched?
• Why isn’t “quadruplely” a word? Or is it? (It is in Ed’s world!)
• Why does a clear record retention policy actually help – not handcuff – plan sponsors?

As a companion piece to this episode, check out the nifty record retention grid prepared by the show’s guest, Suzanne Bach, J.D.