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Deferred Compensation and Optional Retirement Program (ORP) Participant Files

RDA Number
1151
Effective Date
Record Series Abstract
Records consist of membership files for participants in the state's 401(k) plan, 457(b) plan, and/or Optional Retirement Program (ORP). Documents include, but are not limited to: participation agreements, notification letters, contribution records, hardship or unforeseeable emergency requests, cancellation forms, and any additional correspondence. Record series also includes quarterly statements generated by the third party plan administrator for all participants.
Record Series Active
Yes
Cut Off at End of
Other
If Other, Explain
Termination of the contract between the state and a third party plan administrator.
Total Retention Years
7
Total Retention Months
0
Retention End Action
Destroy
Disposition Notes
All records are held by a third party administrator. Records are retained by the plan administrator for 7 years following the termination of the contract. Upon the contract's termination and the award of a new contract, data is transferred electronically from the old administrator to the new administrator. Active participants are transferred and inactive destroyed after seven years.
Allotment Code
309
Record Location
Andrew Jackson Building, 13th floor
File Arrangement
alpha and numeric
Date Range
1986 to present
Annual Accumulation
N/A
Current Volume
N/A
Record Value
Administrative
Fiscal
Audit Requirements
State
Information Shared Outside the State
No
Essential Record
Yes - Original
Essential Record Stored
essential record stored electronically and held by third party plan administrator; Treasury department has access to the database
Essential Record Media Type
Electronic
Confidential
No
Confidential Legal Citation
TCA 8-25-109 (Deferred compensation plan act -- confidentiality of records); TCA 8-25-307 (Profit sharing or salary reduction plans -- confidentiality of records); TCA 10-7-504 (Confidential records -- exceptions)
Does this Record Series Contain Sensitive Information?
No
Agency Retention
7 years
Records Center Retention Period
N/A
Record Sample PDF
197.sample.pdf24.32 KB
System Name
Deferred Compensation System
Hardware Description
Vendor system server array. Contract information on file with Treasurer IT Division.
Software Description
Vendor system server array. Contract information on file with Treasurer IT Division.
System Location
Vendor location, contract information on file with Treasurer IT Division.
Backup Procedures
Data is backed up on a daily basis. Contract information on file with Treasurer IT Division.
Disaster Recovery
Disaster recovery information on file with Treasurer IT Division.
Data Migration Description
Data migration information on file with Treasurer IT Division.
Legacy Revision UUID
197