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IRAs

Top Unclaimed Property Regulatory and Enforcement Challenges in 2021

March 3, 2021 By Alston & Bird Tax Team

State governments’ quest for revenue in the wake of the pandemic will only heighten their focus on unclaimed property. Our Unclaimed Property Team highlights the consumer protection and privacy risks facing companies when states use third-party auditors to obtain information on accounts with small balances. The top 6 challenges facing holdersHow these issues can affect your bottom lineSteps the C-suite can take to prepare Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: 401(k)s, AML, Anti-money laundering, Cybersecurity, data privacy, IRAs, Know Your Customer, KYC, National Association of Unclaimed Property Administrators, NAUPA, RUUPA, traveler’s checks, Uniform Law Commission

FAQs on Unclaimed Property Aspects of Retirement Assets

February 2, 2021 By Kendall Houghton and Matt Hedstrom

Our Unclaimed Property Team has created FAQs to stimulate review of the numerous challenges associated with the potential escheatment of traditional IRAs and other tax-advantaged retirement assets. How does ERISA play a part?Why would a custodian voluntarily escheat an ERISA-governed plan asset or distribution?What safeguards can a custodian rely on? Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: CARES Act, Department of Labor, DOL, ERISA, IRAs, SECURE Act

UP Front: A 2021 Sightline for Unclaimed Property Professionals

January 25, 2021 By Kendall Houghton, Matt Hedstrom and Michael Giovannini

Our Unclaimed Property Team provides a line of sight into the developing trends, ongoing policy debates, and litigated disputes that may shape the future of unclaimed property law and compliance. Legislation, both federal (H.R. 8696) and state (RUUPA)State compliance and enforcement programs (audits and VDAs)Holder planning and implementation of compliance and risk-management best practicesHolder/state litigation perhaps no longer a “last resort” Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Audits, CARES Act, IRAs, RUUPA, SECURE Act, VDAs, voluntary disclosure agreements

Pennsylvania Amends IRA Provisions of Unclaimed Property Law and Adds Due Diligence Requirements

July 25, 2016 By Michael Giovannini

The Pennsylvania General Assembly passed HB 1605 on July 13, 2016, and it was approved by Governor Tom Wolf on the same day.  Contained within this omnibus finance bill are two sections that significantly amend Pennsylvania's unclaimed property law: section 4, which revises the dormancy standard applicable to IRAs; and section 5, which imposes formal due diligence requirements on holders.

In particular, section 4 of HB 1605 revises section 1301.8 of Pennsylvania's unclaimed property law to provide that the dormancy period for a retirement account is triggered when the holder “has lost [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: dormancy standards, due diligence, IRAs, legislation, Pennsylvania, Unclaimed property

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