Ryder & Company Inc.
Record Retention Policy
1. Purpose
The purpose of this policy is to ensure that necessary records and documents are adequately protected and maintained and to ensure that records that are no longer needed by Ryder & Company Inc. discarded at the proper time.
2. Policy
This policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records, and to facilitate Ryder & Company Inc.’s operations by promoting efficiency and freeing up valuable storage space.
3. Document Retention Schedule
The following table provides the minimum requirements for the retention of many of the documents typically found at Ryder & Company Inc.:
| Type of Document | Minimum Requirement |
|---|---|
| Tax Returns and Worksheets | 7 years |
| Audit Reports | 7 years |
| General Ledgers | 7 years |
| Financial Statements | 7 years |
| Bank Statements and Reconciliations | 7 years |
| Electronic Payment Records | 7 years |
| Payroll Records | 7 years |
| Employee Files | 7 years after termination |
| Client Records | 7 years after end of engagement |
4. Electronic Documents and Records
Electronic documents will be retained as if they were paper documents. Therefore, any electronic files that fall into one of the document types in the above table will be maintained for the appropriate amount of time.
5. Emergency Planning
Ryder & Company Inc.’s records will be stored in a safe, secure, and accessible manner. Documents and financial files that are essential to keeping Ryder & Company Inc. operating in an emergency will be duplicated or backed up at least every week and maintained off-site.
6. Document Destruction
Ryder & Company Inc. will follow the document retention periods noted above. Once the retention period expires, the documents will be destroyed in a manner that ensures client confidentiality, such as shredding.