Record Retention

We are often asked by our clients how long it is necessary to retain records and documents for a retirement plan. Ideally, all historical retirement plan records would be retained by the sponsoring employer, but it would be naïve to hold this expectation with the reports, filings, and documents that pile up over time. While the Internal Revenue Service (IRS) statute of limitations for auditing a retirement plan year runs only through the third anniversary of the Form 5500 filing date, three years is too short a period after which to dispose of records. Our October newsletter from Benefit Insights provides some specifics that should serve as a reliable guide for retaining retirement plan records. Read the full newsletter: Record Retention