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Accounting, Payroll & Pension Issues/record retention
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Question
How long does my company need to retain 401k contribution records? (Is it 10 years like payroll records?)
Erisa says 6 years, however, some records need to be kept for 8 years. The 10 year period is what some payroll department's use to cover it all.
Some payroll records need kept for 3 years, some for 4 years, some for 5 years and some for longer. If you use the 10 year limit you will cover all bases.
Every different governmental agency, state and federal, have different record retention requirements from OSHA to ERISA to the DOL. Sometimes the states and federal differ with each other.
Our standard rule has been all payroll records 7 years which does cover the federal and our state laws.
We keep 401K records 10 years and Personal files are kept for 10 years.
Shirley
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Answers by Expert:
Shirley McAllister, CPP, PHR
Expertise
I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension. I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures. Please do not ask me homework questions I do not have time to answer them.
Experience
25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations
SHRM, APA, I.O.M.A.
Publications
I.O.M.A. and BNA
Education/Credentials
P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors
APA Hotline Citation of Merit for last 8 years.
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