Report Details Record Retention Requirements for Health and Welfare Benefits

Thomson Reuters has released a free special report, Record Retention Requirements for Health & Welfare Benefits, to accompany its publication of a second edition book on the topic.

The report and book analyze record retention requirements for employer-provided health and welfare benefits, including major medical, dental, health FSAs, and HRAs; severance, disability, and life insurance; cafeteria plans, DCAPs, qualified transportation plans, educational assistance programs, HSA programs, and more.

While many record retention decisions are based on specific compliance requirements, much is also dictated by the nature of the health and welfare benefits sponsored by an employer, the size of the plan sponsor’s workforce, and other non-compliance-related factors. This book and special report are intended for anyone responsible for benefits compliance — employers, advisors, and service providers. Highlights include the legal rules, categories of records, recommended retention period, and electronic record retention.

“Designing an effective record retention program for any class of records is a time-consuming and detail-oriented process, but the benefits are invaluable,” said Brigid Anderson, Director of Seminars – EBIA, part of Checkpoint, within the Tax & Accounting business of Thomson Reuters. “An organization that knows what it should document (and for how long) knows what it is doing and can do it more efficiently, effectively, and with less stress for everyone involved.”

The special report is available for download at no cost. Visit EBIA Record Retention Requirements for Health & Welfare Benefits, for more information on the book.