While Form 5500 is filed electronically, employers are expected to maintain supporting documents in case of a Department of Labor (DOL) audit or information request.
Key documents to retain:
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Summary Plan Descriptions (SPDs) and Wrap documents
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Insurance certificates and carrier contracts
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Schedule A forms from insurance carriers
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Payroll records showing participant counts and premium contributions
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Plan year documentation and Plan Number assignments
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Form 5500 submission confirmations
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Records of participant communications, such as SPD distribution logs
How long to keep records:
It’s recommended to keep these records for at least 6 years after the filing date, which aligns with DOL’s statute of limitations for audits and enforcement.
Staying organized and retaining all supporting documents helps demonstrate compliance and can significantly reduce risk in the event of an audit.