We always tell plan sponsors to keep ERISA records for 7 years. In this day and age of scanning and PDFs, should mean you don\u2019t need to throw anything out if it\u2019s saved online. The reason I hate for plan sponsors to throw anything out is because some former participant who terminated 25 years ago, has something from the Social Security Administration that they have a benefit for them. I have never had a situation where that notice was accurate and that a former employee had money there.<\/p>\n
Hopefully, the Department of Labor\u2019s new lost and found database will have accurate information to show former employees of actual benefits, instead of a statement of benefits they cashed out of when they left.<\/p>\n
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