FOCUS | ISSUE 1 | 2010


This sounds great, but what’s the cost?


There are various components to the total cost of a retirement plan such as, administrative fees, assets charges, fund expenses, etc. We are confident that the plan is extremely competitive and most likely will meet or reduce the cost of what the dentist is able to secure on their own on a stand-alone basis.


By forming the Multiple Employer Plan, we have been able to utilize the collec- tive buying power of Missouri dentists to lower the cost. We are benefiting now from this scale and as the plan grows, we will continue to benefit even more.


Is this going to be a lot of work for the dentist and his or her staff?


Actually, the administrative burden is greatly reduced by participating in the Multiple Employer Plan, thus allowing a dentist and/or staff to spend more of their time on the day-to-day responsi- bilities of running the practice.


So what will be the “adopting mem- bers” responsibility?


It’s pretty straight forward:


• Submit an employee census • Remit contributions


• Submit an annual employee data file


Adopting members will eliminate activi- ties such as distributions, loans, hard- ships, eligibility requirements, annual 5500 reporting and much, much more.


How can a dentist obtain more infor- mation about the Multiple Employer Plan through MDIS?


They can call MDIS at 800-944-7550 or our strategic partner, The Endeavor Group at Morgan Stanley Smith Barney at 800-847-1073 and ask for Ron Portell, Bret Sinak or Erin O’Rourke. We hope that as dentists find out more about this unique plan which provides benefits that are unavailable from other vendors and companies, they’ll share in our excitement and take advantage of this special service.


THE DENTAL TEAM


Annual records review time Now is perfect time to dispose of unnecessary records


PRACTICE PEARLS by Glenn Pace, MBA, SPHR


Business owners and managers often ask, “How long should I keep time cards, re- sume and similar records?” The start of the new year is a perfect time to address this issue, and plan for the disposal of the re- cords we do not need to retain. This article addresses retention requirements for basic office records that pertain to employees.


There are specific requirements for certain records, but the general rule is: maintain records for a minimum of one year.


Resumes and applications received from the year 2008 or earlier may be shredded at this point. Keep the resumes/applica- tions received during 2009 until January 2011.


Payroll records and time records used to generate pay should be retained for at least three years. If you use written or machine- generated time cards, keep the physical cards for three years. Otherwise, computerized docu- ments are acceptable; i.e. payroll and W-2 files.


Human resources files on terminated employ- ees should be maintained at least one year. However, many employers retain such files for at least five years as a precautionary measure or because they often re-hire people. Caution: there is one instance where a terminated file must be maintained for 30 years. That situation relates to exposure of the employee to car- cinogens or pathogens (OSHA process control issues) that require medical testing or interven- tion. For example, the hygienist is tested for Hepatitis B and tests positive. The practice pays for the series of injections necessary, and medi- cal records are generated. Her HR file and those records must be maintained for the balance of employment plus 30 years.


Form I-9, the verification of employability, must be retained for three years after date of hire, or one year after termination, whichever is later. This is unusual wording and requires employers to occasionally have an “I-9 file” that includes several forms from terminated employees.


Information and records used to generate tax payments: income tax withholding; SS/Medi- care; FUTA; and FICA, should be retained for at least four years.


For OSHA, keep any logs and records for a minimum of five years.


Disciplinary records of any type on any em- ployee should be maintained for the period of employment plus one year. Employees will occasionally request a reprimand be removed from their HR file. If you do so (I do not recom- mend it), retain that reprimand elsewhere. You may need it later.


Disposal of unneeded records means shredding those records. Records should never be trashed, as they might then be found by people who should not have access to them.


Glenn is acting director of the Man- agement Development Institute at Missouri State University and instructs classes for its College of Business Administration. He teaches Human Resources, Labor Relations and Opera- tions and Strategic Management.


RULES & REGULATIONS


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