Keeping track of all the papers is hard enough… Filing Cabinets start overflowing, so you want to throw some paperwork away. But, can you?
United Agencies provides a helpful Record Retention Policy that summarizes numerous employer record keeping and retention requirements, indicating the longest retention period established by federal law. State law requirements are not addressed in this table. This document does not attempt to outline all documents an employer may need in all situations.
It is recommended that personnel records be retained for the longest time limit for bringing an action against an employer over an employment decision. To determine the time period for which records should be retained, it is important to reference your specific state law in addition to applicable federal laws. Further, in the event a claim is brought against an employer, all pertinent records must be retained until final disposition of the matter. Retention of supplemental records that document personnel decisions and actions may also be helpful. In addition, documents used to prepare reports required under ERISA must be retained for at least six years from the date of filing, though rounding up to eight years would best accommodate late or extended filings.FOLLOW US