---
title: "How to Create Document Retention Policy | Guide"
description: "Learn how to develop a document retention policy. Step-by-step guide covering regulatory requirements, retention schedules, and implementation."
lang: en
json-ld:
---

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[Home](/)[Resources](/resources)How to Create Retention Policy 

Management Guide 

# How to Create a Retention Policy

Develop a defensible document retention policy for your organization. Learn regulatory requirements, retention scheduling, and best practices.

12 min read 

Legal compliance 

Best practices 

## Step-by-Step Guide

Follow these steps to create a comprehensive retention policy.

1

### Understand Why Retention Policies Matter

A retention policy provides critical business benefits:

Legal Protection:

• Demonstrates good faith records management

• Supports legal defensibility

• Ensures compliance with regulations

• Provides framework for retention holds

Operational Benefits:

• Reduces storage costs

• Improves retrieval efficiency

• Clarifies decision-making about records

• Protects against data hoarding

Risk Reduction:

• Minimizes exposure from old records

• Creates defensible destruction practices

• Reduces discovery costs in compliance matters

• Ensures consistent treatment

2

### Identify Regulatory Requirements

Research the rules that apply to your organization:

Federal Regulations:

• IRS: Tax records (typically 7 years)

• OSHA: Safety records (5-30 years depending on type)

• SEC: Financial records (varies by document type)

• DOL: Employment records (varies)

Industry-Specific:

• Healthcare: State medical records laws

• Financial services: Banking regulations

• Legal: Bar association requirements

• Education: FERPA requirements

State Requirements:

• Vary by document type and state

• May be longer than federal minimums

• Check each state where you operate

3

### Inventory Your Record Types

Catalog all records your organization creates or receives:

Common Categories:

• Corporate governance (articles, bylaws, minutes)

• Financial (invoices, bank records, audits)

• Tax (returns, supporting documents)

• Human resources (applications, personnel files)

• Legal (contracts, compliance matters, IP)

• Operations (correspondence, projects)

• Marketing (campaigns, research)

For Each Record Type, Document:

• Description and examples

• Format (paper, electronic, both)

• Volume and growth rate

• Sensitivity level

• Business unit owner

• Current storage location

4

### Assign Retention Periods

Determine how long to keep each record type:

Retention Period Categories:

• Current year plus X years

• Years after specific event (termination, expiration)

• Permanent (never destroy)

• Superseded (keep until replaced)

Common Retention Examples:

• Accounts payable: 7 years

• Bank statements: 7 years

• Contracts: 7 years after expiration

• Personnel files: 7 years after termination

• Tax returns: Permanent or 7 years

• Board minutes: Permanent

• General correspondence: 2-3 years

When in Doubt:

• Consult legal counsel

• Consider business needs beyond legal minimum

• Document rationale for decisions

5

### Create the Policy Document

Write a comprehensive, usable policy:

Policy Components:

• Purpose and scope

• Definitions of key terms

• Roles and responsibilities

• Retention schedule (by record type)

• Legal hold procedures

• Destruction procedures

• Exceptions process

Schedule Format:

• Record series name

• Description

• Retention period

• Trigger (when period starts)

• Legal citation (if applicable)

• Disposition (destroy, archive, permanent)

Approval Requirements:

• Legal department review

• Executive sign-off

• Board approval for major decisions

6

### Implement and Maintain

Put the policy into action:

Implementation Steps:

• Communicate policy to all employees

• Train records custodians

• Establish destruction schedule

• Create legal hold procedures

• Set up tracking and documentation

Ongoing Maintenance:

• Annual policy review

• Update for regulatory changes

• Add new record types as needed

• Audit compliance periodically

• Document all destructions

Special Situations:

• Legal holds override normal retention

• Business acquisitions require policy review

• Regulatory changes may extend periods

• Consult counsel before destroying disputed records

## Frequently Asked Questions

### Can we keep records longer than required?

Yes, but with caution. Keeping records longer than required increases storage costs and discovery burden in compliance matters. If you keep some records of a type longer, you may be expected to keep all of them. Consistent application of retention periods is key to defensibility.

### What if we don't know the legal requirement?

When regulations are unclear, document your research process and reasoning. Consider industry best practices, consult legal counsel, and err on the side of longer retention. Having a documented rationale for your decision is important for defensibility.

### How do we handle email retention?

Email should be treated like any other record based on its content. Business-critical emails follow the retention for that record type. Consider email archiving solutions that can apply retention policies automatically. General email may have a shorter retention than formal records.

### What triggers a legal hold?

Legal holds are triggered when compliance matters is reasonably anticipated or pending, or when a regulatory investigation begins. Organizations should have procedures to identify potential compliance matters, issue holds promptly, communicate to affected employees, and track what's being preserved.

## Need Help with Retention Policies?

Our records management consultants help organizations develop retention schedules and implement compliant records programs.

[Records Management Services](/services/records-management)[Call 833-725-5800](tel:833-725-5800)

**Disclaimer:** This guide is for informational purposes only. Retention requirements vary by jurisdiction and industry. Consult legal counsel before implementing a retention policy.

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