News & Analysis as of

Reporting Requirements Unclaimed Property

Keating Muething & Klekamp PLL

Benefits Monthly Minute - February 2025

The February Monthly Minute highlights a new online ACA reporting alternative, the DOL’s temporary policy regarding escheatment of small retirement benefits owed to missing participants, and new guidance clarifying the gag...more

Jackson Lewis P.C.

Missing Participants – New State Unclaimed Property Fund Option for Small Balances

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On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less:...more

Rumberger | Kirk

Why Unclaimed Property Matters

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State unclaimed property audits are becoming more frequent. Is your company in compliance? State unclaimed property audits are becoming more frequent as states look for ways to increase revenue. There is a growing chance that...more

Alston & Bird

Nevada Just Raised the Stakes for 2023 Annual Reporting with an Administrative Notice on AB 55

Alston & Bird on

Our Unclaimed Property Team analyzes how the Nevada Treasury Office’s interpretation of the state’s new unclaimed property law will create chaos and disruption for holders in the already-busy fall filing cycle....more

Best Best & Krieger LLP

In With The New – Part Four

BB&K’s New Law Guidance for a Well-Informed Start to 2023 - In Part Four of our “In With the New” series, Best Best & Krieger LLP’s Advanced Records Center (ARC) team covers important new legislation and case law related...more

Eversheds Sutherland (US) LLP

California Attorney General alleges corporate fraud in unclaimed property lawsuit

“Corporate evasion is corporate fraud,” the California Attorney General declares in a March 22, 2022 press release accompanying an unclaimed property complaint the State has filed alleging systemic failure to report and remit...more

Alston & Bird

Bracing for the Next Wave of Delaware Unclaimed Property Reform: Review of SB 103 and SB 104

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Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure...more

Miles & Stockbridge P.C.

Withholding and Reporting of Payments to an Unclaimed Property Fund

Sometimes, a retirement plan is required to distribute a missing participant’s account balance into a state’s unclaimed property fund. Until recently, it was unclear whether this distribution is subject to withholding of...more

Amundsen Davis LLC

Are You In Possession Of Unclaimed Property?

Amundsen Davis LLC on

Each state has unclaimed property laws for the purpose of assisting its citizens with locating and recovering their unclaimed property. Under these laws, financial institutions as well as other businesses, commonly referred...more

Kilpatrick

5 Key Takeaways: Unclaimed Property – Escheatment by Any Other Name

Kilpatrick on

Kilpatrick Townsend partner David Posner recently hosted a webinar addressing recent developments in the growing area of unclaimed property concepts and state requirements. Mr. Posner focuses his practice on bankruptcy and...more

Alston & Bird

Unclaimed Property Advisory: Post-Delaware VDA Compliance – Reporting

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Hundreds of holders have voluntarily enrolled in the Delaware Secretary of State’s (SOS) Unclaimed Property Voluntary Disclosure Agreement (VDA) program since its implementation in 2012, with many of the VDAs closing within...more

McNees Wallace & Nurick LLC

PA Unclaimed Property Filings Due April 15: Legislative Changes Impact Reporting Requirements and Enforcement Powers

The deadline for filing a 2014 Abandoned and Unclaimed Property Report with the Pennsylvania Treasury Department is April 15. Major changes were made to PA's Disposition of Abandoned and Unclaimed Property Act (the...more

Eversheds Sutherland (US) LLP

Final Deadline Imminent for Enrolling in Delaware VDA Program

The enrollment period for the Delaware Secretary of State’s Voluntary Disclosure Agreement Program (the Delaware VDA Program) for unclaimed property reporting closes next week on September 30, 2014. Delaware has previously...more

Franczek P.C.

Escheaters Never Prosper, Lord Grantham: Handling Unclaimed Employee Funds

Franczek P.C. on

While renewing my license plates online with Indiana’s Bureau of Motor Vehicles (yes, bureau, not department), I saw an advertisement for the Indiana Attorney General’s Unclaimed Property Division, IndianaUnclaimed.gov. On a...more

McAfee & Taft

Gavel to Gavel: Failure to report costly

McAfee & Taft on

Employers have many reporting requirements, but there is one many overlook – the Unclaimed Property Act, Oklahoma Statute title 60, §§ 651 et seq. The statute requires that a person holding property, tangible or intangible,...more

McNees Wallace & Nurick LLC

Unclaimed Property Reporting - Are You In Compliance?

Most states require the holder of “abandoned” or “unclaimed” property to report (and remit) such property after the expiration of a certain number of years (the “holding period”). These “escheat” laws generally apply to any...more

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