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’t need to throw anything out if it’s 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.
Hopefully, the Department of Labor’s 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.
