Today, many records relating to employee benefits reside with vendors administering those benefit plans (including forms mandated by statute and regulations, participant phone call center recordings and notes, benefit elections, benefit calculations, compensation data, and other historical data). Employers are sometimes surprised that their vendors (or former vendors) are not able to produce records they need to respond to a participant or government audit/inquiry or that those records and forms are insufficient to meet compliance standards. The following steps can lessen the risk in this happening to your company:

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