Document Retention Policy Generator

Create a customized document retention policy for your organization. Select your industry, add document types, and generate a comprehensive retention schedule that ensures compliance with federal and state regulations.

Why Your Organization Needs a Document Retention Policy

Legal Compliance

Federal and state regulations require organizations to retain specific documents for defined periods. The IRS mandates 7-year retention for tax records, HIPAA requires 6 years for healthcare authorizations, and SOX imposes permanent retention for certain financial documents. Non-compliance can result in substantial fines, legal liability, and regulatory sanctions.

Risk Management

A documented retention policy protects your organization during audits, litigation, and regulatory investigations. Courts expect businesses to have defensible retention practices. Destroying documents too early can result in spoliation charges, while keeping everything forever creates unnecessary legal exposure and discovery costs.

Operational Efficiency

Clear retention guidelines help employees make consistent decisions about what to keep and what to discard. This reduces storage costs, improves information retrieval, and enables confident disposal of outdated materials. Organizations with documented policies reduce storage costs by 40% on average while improving compliance.

Data Privacy Protection

Privacy regulations like GDPR and CCPA require organizations to minimize data retention and dispose of personal information when no longer needed. A retention policy demonstrates your commitment to data minimization principles and protects individuals' privacy rights while meeting business needs.

Best Practices for Document Retention

Start with Regulatory Requirements

Begin by identifying all applicable federal, state, and industry-specific regulations. IRS, DOL, SEC, HIPAA, FERPA, and state-specific laws often dictate minimum retention periods. Your policy must meet or exceed these requirements.

Document Your Rationale

For each document type, note the regulation or business reason for the retention period. This documentation demonstrates that your policy is defensible and based on legitimate compliance and operational needs, not arbitrary decisions.

Implement Legal Hold Procedures

Your policy must include procedures for suspending normal retention schedules when litigation, audits, or investigations are reasonably anticipated. Legal holds override standard retention periods and must be rigorously enforced.

Train Employees Regularly

A policy is only effective if employees understand and follow it. Conduct annual training on retention requirements, secure destruction procedures, and legal hold obligations. Document all training activities.

Review and Update Annually

Regulations change, new document types emerge, and business needs evolve. Review your policy at least annually to ensure it remains current, compliant, and aligned with organizational operations.

Policy Configuration

Available Document Types

Employee Files

7 years • DOL

Contracts

7 years • State Law

Insurance Policies

7 years • Best Practice

Board Minutes

Permanent • Corporate Law

Accounts Payable

7 years • IRS

Retention Schedule

Add document types from the left panel to build your retention policy

Important Considerations:

  • This is a general template - consult legal counsel for your specific requirements
  • Some states have specific retention requirements that may supersede these guidelines
  • Documents under legal hold must be preserved regardless of retention schedule
  • Review and update your policy annually or when regulations change
  • Electronic and paper documents are subject to the same retention rules
  • Implement secure destruction procedures for both physical and digital documents

Industry-Specific Compliance Requirements

Financial Services

SOX requires permanent retention of audit workpapers and certain financial records. The IRS mandates 7-year retention for tax documents. SEC regulations apply to broker-dealers and investment advisors with specific electronic recordkeeping requirements under Rule 17a-4.

Healthcare

HIPAA requires 6-year retention for authorization forms and compliance documentation. State laws often mandate longer retention for medical records - some require permanent retention of certain records. Medicare providers must keep records for 10 years under CMS regulations.

Legal Profession

State bar associations typically require 5-10 year retention of client files after case closure. Trust account records often require permanent retention. Conflict check databases should be maintained indefinitely to prevent future conflicts of interest.

Education

FERPA requires permanent retention of student transcripts and academic records. Financial aid records must be kept for 3-5 years after the student leaves. Disciplinary records typically require 7-year retention unless state law mandates longer periods.