Stephen Ferszt Quoted in Plan Sponsor on the Rules for Retaining Benefit Plan Records

Olshan Employee Benefits Partner Stephen Ferszt was recently quoted in Plan Sponsor regarding the rules that benefit plan sponsors need to know regarding the retention of certain benefit plan records and documents electronically and related best practices. According to the Employee Retirement Income Security Act (ERISA), there are two sections which require employers to keep records of all plan related documents whether in paper or electronic formats. Stephen Ferszt spoke on the importance of keeping document records, “Paper records are very important to have. You want that redundancy.” Mr. Ferszt then spoke on how these rules also apply to certain HIPPAA practices and said, “It’s like this: If you hire a third party administrator [TPA], and the TPA now gets Social Security information and other personal info, they now have an obligation to protect that information as well.”