Keane's Unclaimed Property Blog

Legislative Updates (30 articles)

RUUPA Round Up

RUUPA Round Up

Compliance, Legislative Alerts, Legislative Updates

The introduction of the 2016 Revised Uniform Unclaimed Property Act (RUUPA) by the Uniform Law Commission has prompted state legislatures to review their often antiquated unclaimed property laws, and in many cases introduce legislation to amend or wholly revise these laws. In addition to RUUPA, state legislators may now also refer to the American Bar […]

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The Times, They Are A Changing

The Times, They Are A Changing

Legislative Updates, Unclaimed Property Law

As increasing retirement savings continues to be a concern among Americans, will the rules surrounding unclaimed IRAs and 401(k) plans change? May 2018: IRS Issues Revenue Ruling 2018-17 Regarding Unclaimed IRAs The escheatment of an IRA account constitutes a designated distribution, subject to a 10% federal withholding. Trustees/custodians of the IRA must issue a 1099R […]

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Pennsylvania’s Newly Enacted Roth IRA Provision Departs From Traditional Requirements

Legislative Updates, Unclaimed Property Law

The new Pennsylvania law established by HB 278 and signed by the Governor on July 10, 2014, adds a provision that specifically addresses Roth IRAs which is unlike any other state’s provision. Most states do not have a statutory provision specifically requiring the escheatment of Roth IRAs. Roth IRA Escheatment The typical statutory provision addressing […]

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