Jennifer, based upon how retention policies are developed, the length of
time other organizations retain their records is of virtually no use to
your company...; other organization's retentions will not meet your
org's needs, nor protect your org.
Here are the retention policy factors used to define and decide
retention periods for each individual record series:
Operational (record copy holder proven reference needs)
Fiscal (your company's tax, internal audit, accountancy functions
needs for each record series , if any)
Regulatory (Published state and federal regulatory agency
requirements, if any)
Legal (General counsel's advice, if any)
Historic (Historic needs, if any)
The retention for any record series will be the longest of these above
researched and evaluated retention factors.
The only one external to your company is Regulatory. Use the internet
to research those.
The only way for retention policies to meet your company's needs is to
develop the policy based upon the method above, which are specific to
your company's needs. Do this by working with your organization's key
stakeholders (Accounting, Internal Audit, Finance, Tax, I/S possibly,
General Counsel's office; your Archivist, etc.) By the way, these are
the typical stakeholders that are to review retention schedules before
finalizing the policies.
I'll email you some presentations pertinent to this subject.
Best regards, Steve
Steven D. Whitaker, CRM
Records Systems Manager; City of Reno
>>> [log in to unmask] 12/20/04 09:52AM >>>
Hello!
I work for a utility company in Las Vegas. I'm seeking expertise and
assistance on locating retention periods for employment records, job
applications, organizational charts/structures, department reports,
etc.
resulting from a company merger. I know employment records and job
applications have a 3 year retention and financial related records from
a
merger should be kept for 10 years after completion of transaction.
However, are there other laws dictating retention of these documents
that I
should be considering? Also, are there any laws dictating the
retention
period of process improvement initiatives and recommendations resulting
from
a consulting company's findings.
I want to ensure I am covering all bases.
Thank you in advance for your help. Happy Holidays!
Jennifer Snyder
Nevada Power Company
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