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Accounting, Payroll & Pension Issues/Records Retention
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Question
I have years of Pre-tax election forms (Flexible Benefits Plan) that employees complete and sign so we can deduct insurance costs from paycheck prior to taxes. How long do I have to keep these records on file? I currently have files going back to 1997.
I keep these files for 10 years. When the 10 years is up I document the files I am destroying in my notebook and the files are shredded.
I keep them 10 years because some agencies want them kept for 3, 5, 7 years and the pension is for 10 years so I figure if I keep the documents 10 years which is the maximum I could find for any of the agencies I am in compliance with all the agencies.
Shirley
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Answers by Expert:
Shirley McAllister, CPP, PHR
Expertise
I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension. I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures. Please do not ask me homework questions I do not have time to answer them.
Experience
25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations
SHRM, APA, I.O.M.A.
Publications
I.O.M.A. and BNA
Education/Credentials
P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors
APA Hotline Citation of Merit for last 8 years.
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