How long are federal record retention requirements for HR?

How long are federal record retention requirements for HR?

What are the federal record retention requirements for HR? Records in the Employee Personnel File – 4 years after termination Recruitment/Hiring Records – 1 year Interview Notes – 1 year

What does it mean to have a record retention schedule?

In the United States, several Federal Government laws require employers to keep all sorts of documents for different periods of time. This is what’s known as a records retention schedule or policy.

How long do medical records have to be retained?

HIPAA is a federal law which requires your medical records to be retained for 6 years at a federal level. Most states also have their own medical retention laws which can be more stringent than HIPAA stipulates. Look at the table below to see a state by state medical retention breakdown of laws.

What kind of records do I need to retain?

BUSINESS – GENERAL RECORDS RETENTION TYPE OF RECORD TIME PERIOD TO RETAIN EMPLOYEE BENEFIT PLAN RECORDS Actuarial reports Permanently Allocation and compliance testing 7 years Brokerage/Trustee statements supporting 7 years investments Financial statements Permanently General ledger and journals Permanently

Which is the best way to retain records?

Retaining Records: Which records should be kept (taxes, legal documents, Accounting, payroll, etc.) Records Disposal Schedule: How long should they be kept (months, years, trash/shred/destroy) Document Form: In which form the documents should be retained (paper, digital, etc.)

How long do you have to keep Lilly Ledbetter Records?

Note: there are no specific retention requirements under Lilly Ledbetter, however it is recommended that employers retain records for 5 years past termination OSHA Logs – 5 years COBRA – 6 years Employee Benefit Plans – 6 years following the termination of the plan