Review of Records Management Practices for Reports Required To Be Filed Under the Employee Retirement Income Security Act of 1974

At the request of the U.S. Senate, the records management practices of the Department of Labor were reviewed as they related to financial and other reports required to be filed by labor-management welfare and pension plans. The Employee Retirement Income Security Act of 1974 (ERISA) requires pension and welfare benefit plan administrators to report and disclose extensive information about pension and welfare benefit plans and their operations and financial condition to the Department of Labor, plan participants, and beneficiaries. Among the reports required are the plan description, summary plan description, and the annual report. The contents of these reports are then incorporated into the Department of Labor's records management system.