Employers often wonder how long they are required to retain certain records relating to their employee health and welfare benefit plans. For plans subject to the Employee Retirement Income Security Act of 1974 (ERISA), these rules are detailed in ERISA §107. To ensure compliance, employers should be aware of the requirements set forth in ERISA §107, including who is responsible for retaining records, timeframes required to keep records, which records need to be retained, and acceptable methods for retaining records.
ERISA plan sponsors should take steps to:
- Determine what records should be retained, according to this regulation,
- Implement a hard-copy or electronic recordkeeping system, and
- Maintain that recordkeeping system in an organized and efficient manner.
Contact your Cowden representative for more information on this or other compliance issues.