In the presentation “Highlights of Record Retention Requirements Applicable to Employee Benefit Plans,” Todd A. Solomon detailed the general rules of The Employee Retirement Income Security Act of 1974 (ERISA). He discussed several specific record-keeping requirements for employee benefit plans and a number of general requirements that imply a duty to retain records, for example general fiduciary duties, plan distribution requirements, COBRA requirements and qualified medical child support requirements.
Example:
..ABC Company decided to terminate the retiree medical plan for its retired employees, all of whom were union employees.
..ABC Company has three union groups covered under the plan.
..Current SPDs and plan documents state that ABC Company may amend or terminate the plan at any time and for any reason.
..ABC moved forward with terminating the plan...
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