For how long must self-insured employers retain employee records related to payroll and risk assessment?

Self-insured employers are required to retain employee records related to payroll and risk assessment for a period of 10 years. This retention period is established to ensure compliance with legal and regulatory requirements, allowing for proper auditing and verification of workers' compensation claims and assessments related to employees' wages and job-related risks.

Keeping these records for 10 years also safeguards the rights of both the employer and the employees, providing a historical account of payroll and risk evaluations that may be necessary for future claims or assessments related to workplace injuries or incidents. By adhering to this timeframe, employers can effectively manage their responsibilities in regard to workers' compensation and maintain thorough documentation that may be reviewed by regulatory agencies or in legal situations.