Retirement Programs

• Retirement Programs Main
• Plan Types
• Fiduciary Responsibility
• Investment Manager Selection and Monitoring
• Investment Policy Statement
• Complying with ERISA Section 404 (c)
• Fidelity Bond Coverage
• Employee Communications
• Plan Administration and Compliance
• Maintaining Plan Records
• Mesirow Model Portfolios

Maintaining Plan Records

As a plan fiduciary, it is important to maintain appropriate records and monitor the operation of your plan in order to document that you’re fulfilling your fiduciary duties. One of the best ways to do this is to establish and maintain a due diligence file where you can store and refer back to pertinent plan information. The following are some of the documents you should consider maintaining permanently.

Permanent plan records

• Plan documents and amendments
• IRS determination letter

Government Filings

• Form 5500
• Independent auditor’s report, if applicable

Employee Communications

• Summary Plan Description; Summary of Material Modification, if applicable
• Copies of enrollment materials distributed to participants
• Summary Annual Report

Plan Administration

• Enrollment forms, including salary reduction agreements and beneficiary designations
• Record of contributions and loan payments¹
• Copies of loan agreements and amortization schedules, if applicable
• Reports prepared by your Third Party Administrator, including annual compliance testing

Other

• Fidelity bonds
• Service provider agreements and contracts
• Investment Policy Statement

¹  The Department of Labor specifies that participant contributions must be invested as of the earliest date that they can reasonably be segregated from the employer’s assets.