Plan Governance and Document Retention
- June 13, 2019
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Plan governance is very involved and encompasses several areas, as we have discussed in previous posts. The attached article published by the AICPA outlines the responsibilities Plan Sponsors and Fiduciaries have regarding retention of plan documents.
There are different retention requirements between the ERISA Regulations and the Internal Revenue Code, which the attached resource highlights. Plan Sponsors and Fiduciaries need to be very familiar with record retention requirements in order to produce the documentation in the event of an IRS audit or DOL investigation. As outlined in the article, a document retention policy would be very beneficial to ensure documents are retained in accordance with the various regulatory requirements.