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Some companies are buying insurance against data thefts & US laws, but you should start with compliance.

Data Mulch offers policy review,
physical reorganization & planning

The "Term" Record indicates one copy of whatever is designated as the format of the record. If a duplicate is printed, copied, scanned, or exists on other media; the extra physical and electronic copies are not typically required. If you have a retention policy, it should be followed.

Data Mulch's brief guide to record retention is as follows.

Lawsuit - you must make a reasonable effort to maintain pertinent information as of the date of notice.

Tax refund - the latter of 3 years first filed/ 2 years after paid
Employment Tax records - 4 yrs
Worthless stock or bad debt - 7 years
Fraudulent return - indefinite
No return - indefinite
Unreported income over 25% of income - 6 years

Insurance - specific to policy
Creditors - specific to agreement

New - ARRA / FTC / HIPAA / HITECH Act - 6 years

Assets - keep for period of requiring proof of value re: depreciation, transactions, loss.
Medical - 30 years from last contact
Recruitment - 1 to 2 years
Selection - 1 to 3 years
Compensation - 3 years
ERISA Benefit Plans - 6 years to Indefinite
OSHA - 5 years
Toxic Exposures - 5 to termination plus 30 years
Alcohol & Drug Testing - 1 to 5 years
Disability Discrimination - 1 to 3 years beyond period or final disposition
Leave of Absence, FMLA - 3 years
FUTA, FICA, FIT, Demographic records - 4 years
Federal contractors & subcontractors’ demographic & compensation - 3 years past contract
Civil Rights of 1964, ADA, ADEA - 3 years
IRCA - 3 years to 1 year past termination
Polygraph - 3 years
Uniform Guidelines on Employee Selection Procedures, AAP, Veterans - 2 years
EEO1 - 1 year
Fair and Accurate Credit Transactions Act (FACTA) - Civil Liability of actual damages, shredding
FLSA - 3 years
Legal Documents - for the life of the entity, action, agreement, property transfer, taxation periods, and open statute of limitations for liability. Indefinite is a good guide, until there is a final court finding settling a specific issue then retain the agreement or order.
Medicare Billing - 5 years for adults. The latter of 3 years for minors or 18th birthday, subject to state statute.