[Code of Federal Regulations]

[Title 29, Volume 9]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 29CFR2520.107-1]



[Page 466-467]

 

                             TITLE 29--LABOR

 

 CHAPTER XXV--EMPLOYEE BENEFITS SECURITY ADMINISTRATION, DEPARTMENT OF 

                                  LABOR

 

PART 2520_RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE--Table of 

Contents

 

                  Subpart G_Recordkeeping Requirements

 

Sec.  2520.107-1  Use of electronic media for maintenance and retention 

of records.





    (a) Scope and purpose. Sections 107 and 209 of the Employee 

Retirement Income Security Act of 1974, as amended (ERISA), contain 

certain requirements relating to the maintenance of records for 

reporting and disclosure purposes and for determining the pension 

benefits to which participants and beneficiaries are or may become 

entitled. This section provides standards applicable to both pension and 

welfare plans concerning the use of electronic media for the maintenance 

and retention of records required to be kept under sections 107 and 209 

of ERISA.

    (b) General requirements. The record maintenance and retention 

requirements of sections 107 and 209 of ERISA are satisfied when using 

electronic media if:

    (1) The electronic recordkeeping system has reasonable controls to 

ensure the integrity, accuracy, authenticity and reliability of the 

records kept in electronic form;

    (2) The electronic records are maintained in reasonable order and in 

a safe and accessible place, and in such manner as they may be readily 

inspected or examined (for example, the recordkeeping system should be 

capable of indexing, retaining, preserving, retrieving and reproducing 

the electronic records);

    (3) The electronic records are readily convertible into legible and 

readable paper copy as may be needed to satisfy reporting and disclosure 

requirements or any other obligation under Title I of ERISA;

    (4) The electronic recordkeeping system is not subject, in whole or 

in part, to any agreement or restriction that would, directly or 

indirectly, compromise or limit a person's ability to comply with any 

reporting and disclosure requirement or any other obligation under Title 

I of ERISA; and



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    (5) Adequate records management practices are established and 

implemented (for example, following procedures for labeling of 

electronically maintained or retained records, providing a secure 

storage environment, creating back-up electronic copies and selecting an 

off-site storage location, observing a quality assurance program 

evidenced by regular evaluations of the electronic recordkeeping system 

including periodic checks of electronically maintained or retained 

records, and retaining paper copies of records that cannot be clearly, 

accurately or completely transferred to an electronic recordkeeping 

system).

    (c) Legibility and readability. All electronic records must exhibit 

a high degree of legibility and readability when displayed on a video 

display terminal or other method of electronic transmission and when 

reproduced in paper form. The term ``legibility'' means the observer 

must be able to identify all letters and numerals positively and quickly 

to the exclusion of all other letters or numerals. The term 

``readability'' means that the observer must be able to recognize a 

group of letters or numerals as words or complete numbers.

    (d) Disposal of original paper records. Original paper records may 

be disposed of any time after they are transferred to an electronic 

recordkeeping system that complies with the requirements of this 

section, except such original records may not be discarded if the 

electronic record would not constitute a duplicate or substitute record 

under the terms of the plan and applicable federal or state law.



[67 FR 17275, Apr. 9, 2002]



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