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DOCUBET RESUME'2
04621 - [B3634866] (1U*bV+0t*P-
(Review of Records management Practices for Reports Required To
Be Filed under the Employee Retirement Income Secu 'ity Act of
1974]. HRD-78-27; B-164292. December 290 1977. 8 pp.
Report to Sen. Sam Nunn; Sen. Charles H. Percy; by Elmer B.
Statts, Comptroller General.
Issue Area: Federal Records Management (1400).
Contact: Human Resources Div.
Budget Function: Income Security: Genoral Retirement and
Disability Insurance (601).
Organization Concerned: Department of Labor.
Congressional Relevance: Sen. Sam Nunn; Sen. Charles H. Percy.
Authority: Employee Retirement Income Secarity Act of 1974,
title I (29 U.S.C. 1001). Welfare Pension Plans Disclosure
Act of 1958, as amended (29 U.S.C. 301).
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 ard pension plans. The Employeo
Retirement Income Security Act of 1974 (ERISA) requires pension
and vel~are benefit plan administrators to report and disclose
extensive information about pension and welfare Lenefit plans
and their operations and financial condition to the Department
of Labcr, plat 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 Laborls
records management system. Findings/Conclusions: The actions
taken ty the Department of Labor recognized the need for an
efficient and effective records management system. The system
implemented to manage reports filed under EBRISA involves a
combination of computerized information and microfiched reports.
The most beneficial aspect of the microfiche is that it saves
storage space and provides for selective and ready access to
reports filed under EBISA. The computerized data allow for quick
retrieval and statistical analysis of information from the
reports. After the data are computerized and/or sicrofiched, the
original reports can be shipped to the Federal records center,
and complete records can be easily and promptly retrieve from
microfiche files itbout delay. The number of misfiled or lost
reports and errors which were found in a test of the
effectiveness of the system was not significant considering the
magnitude ot the records management system being implemented.
With refinement of the verification and reconciliation
procedures, the records management system should efficiently and
effectively meet the Department of Labor's enforcement and
disclosure needs. (SM)](ViewImageLocal?handle=hein.gao/gaobaawmb0001&div=1&collection=&method=preview&ext=.png&size=3)