Guam Log of Records Retention Requirements
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How to fill out Log Of Records Retention Requirements?
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FAQ
Records which must be kept indefinitely or for approximately 100 years for legal and/or administrative purposes, and/or are of enduring value for historical research purposes and so suitable for transfer to the authority's archive or place of deposit.
According to the U.S. Department of Labor, the Fair Labor Standards Act (FLSA) requires employers to maintain records for a period of at least three years. Records to compute pay, which include time cards, work and time schedules and records of additions to or reductions from wages, must be kept for two years.
A document retention schedule is a policy that clearly defines what documents need to be maintained and for how long. A retention policy will include all types of documents and records that are created on behalf of the company as part of its business.
The regulation states that the retention period may be no longer than three years unless the submitting agency demonstrates that a longer period is necessary or unless the records relate to health, medical, or tax records.
How to Implement a Records Retention ScheduleSet up a Universal Retention Schedule. An organization should plan a universal retention schedule for all its departments.Determine Document Retention Periods.Implement a Disposition Schedule.Review and Update Periodically.Time to Rollout.
A records retention schedule is a policy that defines how long data items must be kept and provides disposal guidelines for how data items should be discarded.
Retention rules preserve data for a specified period, which can be a set number of days or indefinitely. Holds take precedence over retention rules. When a hold is deleted, data is immediately subject to applicable retention rules. Retention rules aren't applied to data preserved by a hold until the hold is removed.
Knowing that, a good rule of thumb is to save any document that verifies information on your tax returnincluding Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receiptsfor three to seven years.
A comprehensive document retention policy would have directed the company to its relevant documents. Any policy should also state the names of the custodian(s) of the information and should list the types of servers and backup tapes that are used.
