Forums

Document Retention after Company Closure
General Forum
Document Retention after Company Closure
Discuss workforce management, performance management, retention, communication, motivation, contributing to business results and other topics.
Our company will be closing in a month and we are trying to decide what documents/records need to be retained after the closure. For example, how long to you keep training records, personnel files etc
0
Cat:Topic ForumsForum:ForumId53
Cat:Topic ForumsForum:ForumId53Discussion:DiscussionId36390

Forums » Topic Forums » General Forum » Document Retention after Company Closure

You must be logged in to contribute. Log in | Register
 
Forums  »  Topic Forums  »  General Forum  »  Document Retention after Company Closure

Document Retention after Company Closure

posted at 2/11/2010 11:16 AM EST
Posts: 4
First: 3/21/2001
Last: 2/11/2010
Our company will be closing in a month and we are trying to decide what documents/records need to be retained after the closure. For example, how long to you keep training records, personnel files etc. after a company shutdown.

Thank you all for your help in advance.
New post Reply to this post

Document Retention after Company Closure

posted at 2/12/2010 4:11 AM EST
Posts: 2146
First: 2/15/2006
Last: 9/14/2011
I am not an attorney, but I would say a minimum of 2-3 years. That is just for wage claims and I-9 issues alone. We keep terminated employee files for a minimum of 7 years, longer if there was a WC claim, EEOC issues, etc.

Are you going to be doing a release/waiver of claims for the employees? If so, you would want to keep those for a long time (such as 7 years or so).

For certain ERISA plans, you would want to keep some documents such as the plan documents, etc permanently.

Here's one really good model retention plan:
http://www.aftab.com/documentretention.htm

And here is another one:
http://it.med.miami.edu/x1312.xml

But your perspective needs to be what is needed to protect the company and its principals/directors. If you have legal counsel that is helping with closing out the company, I would run this question by them.
New post Reply to this post

Forums » Topic Forums » General Forum » Document Retention after Company Closure

Stay Connected

Join our community for unlimited access to the latest tips, news and information in the HR world.

  • Workforce Technology (Bi-weekly)

    Covering the latest technology trends, tools and applications that are shaping the workforce in the 21st century. Delivered the 2nd & 4th Thursday of each month.

  • Dear Workforce (Bi-weekly)

    See what HR professionals are asking, and what Workforce Management experts are saying. Delivered the 1st and 3rd Thursday of each month.

  • Workforce Benefits (Weekly)

    Stay current on all aspects of employee benefits, from health care to retirement issues. Delivered on Wednesdays.

  • Workforce Week (Weekly)

    Free weekly update on the trends in HR and new tools added to Workforce.com. Delivered each Tuesday.

  • Workforce Talent (Monthly)

    See the recruiting, talent development and retention strategies of top companies and get the resources for effective talent management. Delivered the 2nd Monday of each month.

  • Workforce Training (Monthly)

    Stay current on the latest strategies and resources for training and developing your workforce talent. Delivered the 3rd Monday of each month.

HR Jobs
View All Job Listings

Search