2019 Q3


Property 2019 Unclaimed Property Reporting


the beneficiary cannot be located for a period of three (3) years following the death of the owner and that is not subject to a mandatory distribution requirement; or • An individual retirement account (including a retirement plan for self-employed individuals) of which the owner has attained seventy and one-half years of age and is not subject to a mandatory distribution requirement. Accordingly, until further notice, retirement accounts are to be reported only if either of the above requirements are satisfied.  It is Treasury’s objective to prevent the reporting of property that is not truly abandoned or unclaimed.  In so doing, Treasury notes its authority to exercise its discretion to refuse the acceptance of certain types of unclaimed property.  72 P.S. §1301.17.  For the upcoming 2019 Holder Report Year, Treasury requests all Holders to use the following revised Form AP-1, Report of Abandoned and Unclaimed Property Verification and Checklist, https://www.patreasury.gov/ pdf/unclaimed-property/AP-1.pdf.

In September 2016, in response to amendments made to the Commonwealth’s Disposition of Abandoned and Unclaimed Property Law, Treasury issued a Policy Guidance (https://www.patreasury.gov/pdf/unclaimed- property/Policy-Guidance-2016.pdf ) with a particular emphasis designed to ensure that IRAs and other types of retirement account owners would not be subject to negative tax treatment as a consequence of an escheatment of retirement-related assets to the Commonwealth.  This Guidance protects an account owner under the age of 59 ½, by preventing the reporting/distribution of certain retirement accounts which may otherwise be subjected to the Internal Revenue Code’s 10-percent additional tax for early distributions.  IRC §72(t)(2)(A)(i). The following is a restatement of the Policy Guidance, which remains in full force and effect: Treasury will neither demand nor accept any retirement account that is presumed abandoned and unclaimed, except as follows: • An individual retirement account (including a retirement plan for self-employed individuals) of which

North Dakota

Once again, it is time to begin preparing annual unclaimed property holder reports. 

47-30.1. (https://unclaimedproperty.nd.gov/app/holder- manuals)

North Dakota Unclaimed Property has a new website https://unclaimedproperty.nd.gov/ where you can find the holder reporting manual that will be able to answer frequently asked questions regarding deadline, remittance, reciprocity, safe boxes, due diligence and many other topics pursuant to North Dakota Century Code ch.

Additionally, pursuant to Chapter 85 of the North Dakota Administrative Code (https://www.legis.nd.gov/ information/acdata/html/85-03.html), all holders must submit electronic reports in the standard National Association of Unclaimed Property Administrator’s (NAUPA) format.


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