Compliance, Security Retention
When looking at HR department documents there are many different federal, state and local laws which require that certain personnel records, electronically or on paper, be kept for a specified period of time and even well after the termination of an employee's employment.
State laws may differ and you should refer to sources within all the states in which you do business for final disposition. Many state laws parallel Federal laws. Some documents may be covered under more than one law or regulation (FLSA, ADA, ADEA, FMLA, COBRA, HIPAA etc), so you should adhere to the more stringent requirement. Also, if any area which contains documents under litigation or e-discovery, it is best to retain all records involved until the case is resolved; always refer to your company attorney for guidance.
If you require more information on federal record-keeping requirements for human resource documents contact an Offsite representative. We will review where records are kept, how long they should be kept and when and how they should be destroyed in order to stay in compliance. Effective Human Resource Departments should have a documented plan to manage employee records safely and effectively. Offsite can help you put this into place. Below is a sample retention schedule you can use for work or personal use.
 * Please note these are general guidelines please consult an attorney or accountant to verify your records retention specific to your industry and business.
Business Records
|
|
Type of Record
|
Retention Period (Years)
|
|
Articles of incorporation
|
Permanent
|
|
Bylaws
|
Permanent
|
|
Capital stock and bond records
|
Permanent
|
|
Contracts and agreements (government construction, partnership, employment, labor, etc.)
|
Permanent
|
|
Legal correspondence
|
Permanent
|
|
Minutes
|
Permanent
|
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Financial Records
|
|
Type of Record
|
Retention Period (Years)
|
|
Auditors' reports
|
Permanent
|
|
Bank debt deduction
|
7
|
|
Bank deposit slips, reconciliations, statements
|
4
|
|
Bills of lading
|
4
|
|
Budgets
|
2
|
|
Checks - cancelled
|
4
|
|
Contracts - purchase and sales
|
4*
|
|
Credit memos
|
4
|
|
Depreciation records
|
4*
|
|
Employee expense reports
|
4
|
|
Employee payroll records (W-2, W-4, annual earnings records, etc.)
|
6*
|
|
Financial statements -- annual
|
Permanent
|
|
Financial statements -- interim
|
4
|
|
Freight bills
|
4
|
|
Internal reports (Work orders, sales reports, production reports)
|
4
|
|
Inventory lists
|
4
|
|
Invoices - Sales and cash register receipts, merchandise purchases
|
4
|
|
Invoices -- purchases (permanent assets)
|
4*
|
|
General ledger
|
Permanent
|
|
General, cash receipts, cash disbursement, and purchase journals.
|
Permanent
|
|
Payroll journal
|
4
|
|
Petty cash vouchers
|
4
|
|
Subsidiary ledgers (accounts receivable, accounts payable, etc.)
|
6
|
|
Time cards and daily time reports
|
4
|
|
Worthless securities
|
7
|
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Personnel Records
|
|
Type of Record
|
Retention Period (Years)
|
|
Personnel Accident Report/Injury Claim
|
11
|
|
Attendance Records
|
4
|
|
COBRA Records
|
3
|
|
Employee Benefit Plans
|
2*
|
|
I-9 Forms
|
1*
|
|
Medical and Exposure Records - related to toxic substances
|
40
|
|
OSHA Training Documentation
|
3
|
|
OSHA Logs
|
6
|
|
Patents
|
Permanent
|
|
Personnel files
|
6*
|
|
* Retention periods begin after termination,
|
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Inventions and Copyrights
|
|
Type of Record
|
Retention Period (Years)
|
|
Patents
|
Permanent
|
|
Copyrights
|
Permanent
|
|
Trademarks
|
Permanent
|
|
Servicemarks
|
Permanent
|
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Insurance
Records
|
|
Type of Record
|
Retention Period (Years)
|
|
Accident reports
|
6
|
|
Fire inspection reports
|
6
|
|
Group disability records
|
6
|
|
Insurance policies
|
6 *
|
|
Safety records
|
6
|
|
Settled insurance claims
|
4 *
|
|
* Retention periods begin after termination, expiration, disposal, etc. of item.
|
Â
Real Estate Records
|
|
Type of Record
|
Retention Period (Years)
|
|
Mortgages
|
6 years
|
|
Contracts
|
6 years
|
|
Deeds
|
Permanent
|
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Pension/Profit Sharing Records
|
|
Type of Record
|
Retention Period (Years)
|
|
Actuarial reports
|
Permanent
|
|
Associated ledgers and journals
|
Permanent
|
|
Financial statements
|
Permanent
|
|
IRS approval letter
|
Permanent
|
|
Plan and trust agreement
|
Permanent
|
* Please note these are general guidelines please consult an attorney or accountant to verify your records retention specific to your industry and business.
Offsite serves many locations such as Carson City, Reno, Minden, Gardnerville, Lake Tahoe, Fernley, Yerington, Sparks and Dayton to name a few.