Keane's Unclaimed Property Blog

Legislative Updates (29 articles)

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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Pennsylvania Dormancy Period Reductions Effective Immediately

Dormancy Periods, Legislative Updates, Unclaimed Property Law

Following the passage of House Bill 278 last week, the provisions reducing Pennsylvania’s dormancy periods for all property types became immediately effective. Pennsylvania Unclaimed Property Law Changes Pennsylvania House Bill 278 was signed into law by Governor Corbett on July 10, 2014 and provides significant changes to Pennsylvania’s unclaimed property laws. While the Treasurer’s office […]

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