This Employee Benefit Plan Audit Quality Center (EBPAQC) advisory provides the plan sponsor, administrator, or trustee, with an understanding of the importance of properly maintaining plan records, including retention requirements under the Employee Retirement Income Security Act of 1974 (ERISA) and your responsibilities for protecting personally identifiable and other sensitive information.
This advisory describes:
ERISA and DOL record retention requirements
protecting personally identifiable information
the effect of inadequate records on audit scope and testing and the auditor’s report
implications to the plan administrator for failure to properly retain records
The advisory also provides suggestions for best practices for record retention and data protection and additional resources.