What are the retention periods for current employees’ insurance enrollment forms? What about forms for employees whom we have terminated? What is the retention period for information on a previous insurance provider after switching providers?

We are not aware of any retention requirements for health insurance enrollment forms. We recommend retaining them at least until an employee’s employment with your bank has terminated.

After switching insurance providers, you should retain the insurance plan and related information for at least one year after the plan’s termination date. The Age Discrimination in Employment Act requires employers with twenty or more employees to retain insurance plans for one year after a plan’s termination. For health plans subject to ERISA, you also should retain any plan information included in a required agency filing or report for six years from the filing date.

For resources related to our guidance, please see:

Age Discrimination in Employment Act Regulations, 29 CFR 1627.3(b)(2) (“Every employer shall keep on file any employee benefit plans such as pension and insurance plans, as well as copies of any seniority systems and merit systems which are in writing, for the full period the plan or system is in effect, and for at least 1 year after its termination. If the plan or system is not in writing, a memorandum fully outlining the terms of such plan or system and the manner in which it has been communicated to the affected employees, together with notations relating to any changes or revisions thereto, shall be kept on file for a like period.”)

Age Discrimination in Employment Act, 29 USC 630(b) (“The term ‘employer’ means a person engaged in an industry affecting commerce who has twenty or more employees for each working day in each of twenty or more calendar weeks in the current or preceding calendar year . . . .”)

ERISA, 29 USC 1027 (“Every person subject to a requirement to file any report (including the documents described in subparagraphs (E) through (I) of section 1021(k) of this title) or to certify any information therefor under this subchapter or who would be subject to such a requirement but for an exemption or simplified reporting requirement under section 1024(a)(2) or (3) of this title shall maintain a copy of such report and records on the matters of which disclosure is required which will provide in sufficient detail the necessary basic information and data from which the documents thus required may be verified, explained, or clarified, and checked for accuracy and completeness, and shall include vouchers, worksheets, receipts, and applicable resolutions, and shall keep such records available for examination for a period of not less than six years after the filing date of the documents based on the information which they contain, or six years after the date on which such documents would have been filed but for an exemption or simplified reporting requirement under section 1024(a)(2) or (3) of this title.”)