Payroll Records Retention

Recommended Payroll Record Retention Schedule

 

Type of Record

Length of Retention

Attendance Records

4 Years

Employee Files

7 Years after termination

Employee Pension Records

7 Years

Employment Application – Not Hired

3 Years

Employment Contracts

10 Years

Garnishments

5 Years

Retirement & Profit Sharing Plan Agreement

Permanent

W-4

While in Effect + 4 Years

W-5

While in Effect + 4 Years

I-9

3 Years after hire/ 1 Year after termination, whichever is later

Commission Reports

4 Years

Payroll Tax Returns

4 Years

Payroll Journal

4 Years

Payroll Checks

7 Years

Timecards

4 Years

W-2, W-3, 1099, 1096

7 Years

Engagement Letters

Length of Engagement + 3 Years

Electronic Filing Documents

7 Years

Employer Direct Deposit Application

7 Years

Bank Reconciliations

7 Years

Bank Statements

7 Years