Records Retention

Agency websites offer varied answers about how long to keep records

By Sarah D. Scalet

July 01, 2006 — CSO — What records retention requirements apply to your organization? Demands vary by industry and regulatory body.

Federal Energy Regulatory Commission

In May 2006, FERC extended from three years to five years the retention requirements for certain types of pricing data, to be consistent with a change in the statute of Âlimitations for civil penalties.

Occupational Safety and Health Administration

Employers in general industry and the maritime and construction industries must Âprovide records access to workers exposed to toxic substances and harmful physical agents, their employee representatives, health professionals and OSHA for either 30 years or the duration of employment plus 30 years, with some exclusions.

U.S. Equal Employment Opportunity Commission

As mandated by various regulations, employers must keep certain records for one to three years. For instance, under the Age Discrimination Employment Act, employers must keep payroll records for three years, and under the Americans With Disabilities Act, covered entities must keep records dealing with Âhiring decisions for one year.

U.S. Securities and Exchange Commission

Per the Sarbanes-Oxley Act of 2002, accounting firms must retain for seven years certain records relevant to their audits and reviews of issuersâ¬" financial statements. Separately, the Securities Exchange Act of 1934 requires brokers and dealers to keep certain records for two, three or six years.