Retirement plans, whether they are defined benefit or defined contribution plans, are designed to be long-term. Participants build up benefits or accounts over time. As a result, the records of transactions for the plans may cover many, many years. The IRS and Income Tax Regulations require that records be retained so long as their contents may become material in the administration of any internal revenue law. As a result, records for retirement plans should be kept until all benefits have been paid, the trust has been dissolved and sufficient time has passed such that the plan will not be the subject of an audit.