You don’t need to be a magician to know what records to keep and for how long. While most providers can supply reports and plan documents, the plan administrator remains ultimately responsible for retaining adequate records that support the plan document reports and filings. Refer to the chart below to know which documents you need to keep in case of a plan audit
Organization of Your Fiduciary File
When organizing your fiduciary file, we recommend a format that includes the following sections:
Documents - all plan documents, amendments, tax filings, etc.
Administrative - all audit results, contribution records, Fiduciary Plan Review meeting minutes, fee benchmarkings, participant complaints
Participant Education - copies of enrollment materials, memos, meeting sign-in sheets
Investments - fund menu list with expenses, Fiduciary Investment Review meeting minutes
For more information on demystifying record retention, contact your Trusted KerberRose 401(k) Advisor.
*For litigation purposes, we recommend that documents be retained indefinitely