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What is your Electronic Records Retention Policy?

Hi, I have been tasked to figure out the law on the Electronic Records Retention (i.e. Email) & was wondering what your take is on this.  Since we are a state funded community college, we need to have some sort of retention policy in place or else we have to keep all email, including spam.  But I am unsure about the Federal laws pertaining to this topic.

I found this link, but it is a bunch of political babble to me.
http://www.archives.gov/about/regulations/part-1220.html#parta

So, anyone know the length of retention for email on the Federal law side of things?

Also, what is your retention policy?

Thanks for your time.

Bob
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