What Goes into your Fiduciary File? Regulatory Compliance and Filings

As we have covered three of the five categories (Legal Plan DocumentsService Provider Contracts & Communications, and Fiduciary Committee Governance) of materials for your fiduciary file. In review, a fiduciary file is just that. A file, or more likely a digital folder that holds all the relevant plan related documents and governance related files that define roles, set criteria, document benefits, and demonstrate procedural prudence. In this blog we cover category four: regulatory compliance and filings.  

Government/Regulatory Requirements and Communications: 

  • Keep a copy of the Form 5500, IRS 8955, and your audited financial statements, including the corrections to any errors your audit found. Also include any letters or other communications from the DOL, attorneys, new rules, or regulatory releases from the appropriate regulatory/legislative bodies. And copies of nondiscrimination testing and census files used to support each year’s testing. 

ERISA Fidelity Bond & Fiduciary Insurance:

  • Keep a copy of the bond and include a quick reference to the amount of your plan’s “Fidelity Bond Policy.”  

Legal Counsel Opinions: 

  • Retain any opinions by ERISA legal counsel related to the plan. 

Participant Complain Resolutions: 

  • Any formal participant complaints and information on resolutions should be retained. 

Correction Documentation: 

  • Mistakes happen. Be sure to retain copies of all materials related to the discovery, and correction of an issue, whether it is an internal self-correction, or filed formally with the IRS Employee Plans Compliance Resolution System. 

Our last blog of this series will focus on the participant related documents to keep in your fiduciary folder. 

For a short guide on all five categories, download our "Fiduciary File: What Is It and What Do You Keep In It?" resource.

Multnomah Group is a registered investment adviser, registered with the Securities and Exchange Commission. Any information contained herein or on Multnomah Group’s website is provided for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Multnomah Group does not provide legal or tax advice.

Comment On This Article