I'm the Director of Records for a publicly traded utility and am updating our retention schedule.

Currently we list "Settlement Agreements" under "Litigation" which is Active plus 10 years. However our Risk Management Director has stated she would like settlement agreements kept permanently and doesn't see any reason to ever get rid of them.

It is my understanding that the retention is driven by the statute of limitations for the agreement, as we operate in three different states we have taken the longer of the three statute of limitations, which is 10 years.

I have tried to explain that even if we kept a "settlement agreement" for 15, 20, or 30 years, it would be inadmissible in court as the statute of limitations only extends, at the outset, to 10 years. And that we could not pick and choose which ones to keep if we declare them Permanent records: We'd have to keep the ones that benefitted our business as well as the ones in which we had to pay out - which could be used to show a negative pattern.

I am looking for retention periods other publicly traded utilities use for "settlement agreements" and the rationale behind your decision.


Thank you,

Mike

Michael Garrett
Director, Records Management
NorthWestern Energy
Direct: (406) 497-2744
Mobile: (406) 565-2962
E-mail: [log in to unmask]<mailto:[log in to unmask]>


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