A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or “retained,” irrespective of format (paper, electronic, or other).
Keeping this in consideration, how do you calculate retention period?
Retention rate is often calculated on an annual basis, dividing the number of employees with one year or more of service by the number of staff in those positions one year ago. Positions added during the year would not be counted.
Also know, what are examples of retention period?
For example, if financial records have a retention period of five years, and the records were created during the 1995-1996 fiscal year (July 1, 1995 – June 30, 1996), the five-year retention period begins on July 1, 1996 and ends five years later on July 1, 2001.
What is a records retention and disposal schedule?
A retention and disposition schedule is a plan of action that indicates the period of time you should retain your records. Records schedules allow you to dispose of records in a timely, systematic manner by setting retention and disposal guidelines based on administrative, legal, fiscal, or research needs.
What is a records series list?
Record series are units of files or documents arranged according to a filing system or kept together because they: Relate to a particular subject or function. … Document a specific kind of transaction. Examples include personnel files, procurement files, or logbooks from a research project.
What is retention period in backup?
Before you dispose of a backup the retention period must be decided. Retention periods are defined by the number of days the backups should be maintained. When duration exceeds retention days then data can be tagged as “aged” and moved to another location or be disposed of.
What records need to be kept for 7 years?
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
Who determines the amount of time medical records must be maintained?
The retention time of the original or legally reproduced medical record is determined by its use and hospital policy, in accordance with law and regulation. Patient health and medical records (adults): 10 years after the most recent encounter.
Why is a records retention and disposal schedule necessary?
Retention and disposal schedules will help you: know what records you create and how long you need to keep them. identify which of your records are permanent, vital, important, and non-essential.