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Most PIT training states that the key must be removed and controlled. However, that isn't actually stated in the standard. The concern is that an unauthorized person could attempt to operate the PIT if they have access to the key. OSHA could cite the General Duty Clause. If the equipment is kept in a controlled area or if everyone is trained to be able to operate the lifts, the argument could be made that there isn't a hazard but that is up to the discretion of the local OSHA jurisdiction.
It can certainly be a company policy to remove the keys, but it is not specifically required by OSHA. Reference: 1910.178(m)(5)(i) - (ii).