This page addresses key areas of interest regarding Alaska unclaimed property and escheatment laws and regulations.
Key Alaska Unclaimed Property Reporting Deadlines
Alaska, like many states, has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit prior November 1st for property held as of June 30th of the current year.
Early reporting is permitted as long as holders have prior written consent from the unclaimed property administrator. Holders are asked not to submit negative reports if there is no unclaimed property to report.
Holders reporting 10 or more properties to Alaska must report electronically.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Alaska’s unclaimed property laws and regulations.
Alaska Due Diligence Requirements
Alaska requires holders to send due diligence notifications for any property with a value of $100 or more within 120 days of the report due date.
Holders must send written notice to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to escheat to the State of Alaska. The notice should also inform the owner that if the property is not claimed, it will be turned over to the state unless the owner claims it from the holder before the report is filed.
Alaska Dormancy Periods
Dormancy periods in Alaska vary by property type. Generally, most property types have a 3 year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Alaska for common property types include:
- Wages, Payroll or Salary: 1 year
- Safety Deposit Box Contents: 1 year
- Traveler’s Checks: 15 years
Alaska Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Alaska and other states. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Alaska and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.