Plan records can take many forms. While no bright line legal definition of what constitutes a plan record exists, the DOL generally delineates between plan level and participant level records (although there is some overlap). Plan level records include various filings (e.g. 5500) and records used to support the filings. Records relating to non-discrimination and coverage testing, required disclosures, financial reports and evidence of the Plan’s fidelity bond are also types of plan level records. These types of records should be retained for at least 6 years. Participant level records relate to the determination of a participant’s benefit such as account records, census data, distribution and loan documents, Board and/or administrative committee minutes and resolutions, and plan and trust documents. Participant level records should be maintained as long as necessary to determine benefits due or which may become due. IRS guidance provides records should be maintained until all benefits have been paid and the Plan is no longer subject to audit. Participant level records as defined by the DOL and IRS guidance imply some records should be maintained indefinitely.
