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Published byLogan Waters Modified over 9 years ago
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Rachel Brooks, CPP
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3 is 4 4 is 3 OSHA is 5
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FLSA requires certain records to be kept by covered employers for all employees and retained for either 2 or 3 years Refer to lists on p. 10-2 and 10-3
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Records must be “Safe and Accessible” and be available for inspection within 72 hours Penalties – Up to $10,000 and 6 months imprisonment In Lawsuit – Court will accept employee’s evidence if employer has incomplete records
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IRC requires all employers that must withhold and pay FIT, SS, and MED retain these records for 4 years Includes W-4, W-5, W-4S, W4-P, personal employee info, W-2, EIN, and copies of all tax returns (941, 940, etc.)
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EEmployer remains ultimately responsible for the recordkeeping requirements, even if using a payroll service provider IIn event of audit, employer must make all records available upon request PPenalties - Up to $25,000 ($100,000 for corporations) and 1 year imprisonment
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Civil Rights Act of 1964 (Title VII) requires records to be kept at least 1 year (EEOC) Age Discrimination in Employment Act of 1967 (ADEA) requires records to be kept at least 3 years Government Contractor Regulations – Federal contractors and subcontractors must retain info on applicants and employees to determine if affirmative action goals have been met
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Immigration Reform and Control Act (IRCA) requires I-9 to be retained for at least 3 years after date of hire or 1 year after date of termination, whichever is later Family Medical Leave Act (FMLA) requires records to be retained for either 2 or 3 years – same as FLSA requirements
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State Unemployment Insurance Laws - 10-12 State Table on 10-13 State Wage-Hour Laws – 10-14 - State Table on 10-14 and 10-15 Unclaimed Wages (Escheatment) – 10-15 – Table on 10-15 and 10-16
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More companies are storing all employee data in one master file or database Documents Required from New Employees Form W-4, Withholding Allowance Certificate State W/H Allowance Certificate Local W/H Allowance Certificate Form I-9, Employment Eligibility Verification
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Many businesses retain records for much longer than the required minimum. In some cases, the records are retained for as long as company is in business Storage Methods Paper Micromedia Storage (microfiche, microfilm) Media Imaging (optical character recognition – OCR) Electronic Vaulting (offsite mirroring or shadowing)
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Retrieval and destruction of records Companies must have a Policy governing record retention, retrieval and destruction Written Policy should clearly state retention periods, methods of retrieval, and methods of disposal and destruction Consistently applied policy of retention and disposal can be good protection in the event of a lawsuit
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HIPAA of 1996 Designed to help employees and their families maintain health insurance coverage when the employees change or lose jobs Provisions include requirements for the electronic exchange, privacy, and security of health information Privacy Rule – April 14, 2003 - regulations governing individually identifiable health information applies to health plans, health care clearinghouses, and any health care provider who transmits health information in electronic form
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