A retention schedule is a plan for how long to keep a group of records (called a record series), and what to do with the record after it’s no longer needed.  A retention schedule should be based on the value that the records hold for the agency and the public:

• Administrative value
• Fiscal value
• Legal value—either for documenting legal rights of peoples, or for fulfilling statutory obligations
• Historical value—would be useful to researchers in the future

Examples:

• Employment history records: retain records 65 years after date of hire, OR retain until 3 years after retirement or death, then destroy.
• Archaeological project records: retain records permanently. Records may be transferred to State Archives.
• Emergency contact records: retain until superseded or until separation of participant, then destroy.

Retention schedules are created and applied to a record series (a group of records).

See also How do I know how long to keep a record?