As we have covered three of the five categories (Legal Plan Documents, Service 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.
- 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.
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