Whether it looks like it outside or not, spring officially arrived on March 20. While we normally associate this change in season to spring cleaning our homes, it is also a good time to spring clean the company’s records.
How long should your company keep certain records?
- ERISA 107 requires anyone who files certain information (e.g., Form 5500) should keep records (COBRA, as well) for six years from the filing date, which means the records need to be kept for eight years.
- Internal Revenue Code states that employers who maintain a fringe benefit plan should retain records for four years from the tax filing date, for a total of five years.
- Tax records should be kept for three years from the tax filing date, four years in total.
- FMLA paperwork should be kept for three years.
- HIPAA records should be kept for six years.
- Medicare Part D and RDS records should be kept for six years.
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