- Shannon
401(k) Record Retention Guidelines

In our opinion, all of the following should be retained for the life of the plan and at least 6 years after the termination of the plan.
Retirement Plan Documents: These documents are often restated and revised. It is important to keep all versions of the document and its provisions, including amendments, as well as the underlying plan document if using a preapproved document such as a volume submitter or prototype document. The Department of Labor and the IRS will request signed copies of these documents in the event of an audit.
Basic Plan Document
Adoption Agreement
Amendments
Summary Plan Descriptions
Board Resolutions or Adopting Resolutions
Annual Filings:
Form 5500 and supporting attachments
Summary Annual Reports
Independent Auditors’ reports if required
Distribution documentation
Loan documentation if applicable
Records for Contribution allocations and required annual testing for coverage and nondiscrimination
Board minutes or similar declarations by the Plan Sponsor of the employer contribution amounts
Participant Records:
Enrollment Forms
Beneficiary Forms
Qualified Domestic Relations Orders
Distribution Documentation
Loan Records (maintained 6 years after the loan is paid off)
Fiduciary Records:
Committee meeting materials for review of fees and investments
Fee disclosures
Engagement Letters
Contracts with service providers
Questions about this post? Email laina@tristarpension.com