This article was published by J.J. Keller on September 6, 2017, in Prospera Spotlight. Paying employees and administering benefit plans generates numerous records, often raising questions about how long specific records need to be saved. Several laws apply, but the retention period differs with each law. Under some laws, the retention period could be decades. Wages paid Under the Fair Labor Standards Act (FLSA), you must retain payroll records for at least three years. Such records include hours worked, rates of pay, overtime pay, total earnings, and deductions from pay. Note that state laws may impose longer retention periods. For example, New York requires employers to keep payroll records for six years. Taxes paid You must retain employee tax records for …
