Termed employees - record retention

Outside the normal statute for retaining certain files, how long does your company hang onto terminated employees' records?  Our company has just about every record for every employee to have ever worked here (they were founded in the 50's).  I would like to see us get away from that but I'm concerned about things like beneficiary forms?  We do have a few termed employees that have money still sitting in the retirement plan and have not opted to roll it over.  Aside from that, are there things you hang onto permanently? 
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