Section 460.2519. Contracts and agreements; retention periods.

Rule 19. Except as provided elsewhere in these rules, the following contract and agreement records shall be retained for the periods listed:

(a)  ) Service contracts, such as for management, accounting, and financial services.

See rule 22(b)(i) if they affect cost of plant; otherwise, 6 years after expiration or cancellation.

(b)  Contracts with other utilities for the purchase, sale, or interchange of product.

6 years after expiration or cancellation.

(c)  Leases pertaining to rentals of property to or from others.

6 years after expiration or cancellation.

(d)  Contracts and agreements with individual employees, labor unions, company unions, and other employee organizations relative to wage rates, hours, and similar matters.

6 years after expiration or cancellation.

(e)  ) Contracts, agreements, and other essential records necessary to the carrying out of the functions of an employee’s stock purchase or other type of employees’ saving plan.

6 years after expiration or cancellation.

(f)  ) Memoranda essential to clarifying or explaining provisions of contracts listed above.

For same periods as contracts to which they relate.

(g)  Card or book records of contracts leases, and agreements made, which show dates of expirations, dates of renewals, memoranda of receipts, and payments under such contracts, leases, and agreements.

For same periods as contracts to which they relate.

(h)  Contracts or agreements for the acquisition or disposal of investments, excluding temporary cash investments.

25 years after disposal.

History: 1979 AC; 1980 AACS.