Where s the money? John Gabriel, Director State of Tennessee Unclaimed Property Division. National Association of Unclaimed Property Administrators

Transcription

1 Where s the money? John Gabriel, Director State of Tennessee Unclaimed Property Division

2 What we are going to cover What do the states do with the money after we get it? What methods do we use to locate owners? How are Holders involved with the claim process? Answer questions from roundtable discussions.

3 How the States hold the Money The Trust Fund Method Money is kept in a separate trust fund. Claims are paid from the trust fund. Admin costs are paid from other sources. The General Fund Method Money is deposited into state General Fund A liability is set-up equal to the amount of property turned over. GASB 21 Establishes Standards for the fund type to be used to report escheat property

4 State s Efforts to Locate Owners - Fairs, malls & other public appearances - Legislators - Internet - Mail claim form to last known address - Match with other state databases - Social Media - Advertise - Press, TV, radio - Match with paid databases

5 Holder s Involvement Claimant s Referred by the holder Holder Reimbursement Holder Claims

6 Holder as a Lost Owner State Unclaimed Property Programs Pre-escheat Property Other Sources of Funds 2012 National Holder Workshop

7 Funds Held by State Unclaimed Property Programs Missing Money Currently 40 jurisdictions with links to others National Association of Unclaimed Property Administrators State Websites Checks states in which you have locations or vendors 2012 National Holder Workshop

8 Pre-Escheat Property Reportable as unclaimed property at a future date Generally, securities-related property or funds held by state and local governmental agencies Review old brokerage statements and tax returns Check for forgotten stock certificates or uncashed dividend checks Contact state agency vendors Wait until it is reported to the State 2012 National Holder Workshop

9 Other Sources of Funds Housing and Urban Development Refunds for mortgage insurance obtained by a government loan ds/index.cfm Pension Guarantee Benefit Fund Unclaimed retirement accounts from discontinued plans FDIC Unclaimed accounts from failed banks National Credit Union Administration Unclaimed accounts from liquidated credit unions ges/unclaimeddeposits.aspx US Treasury Undeliverable US savings bonds or bonds no longer earning interest /tools_treasuryhunt.htm 2012 National Holder Workshop

10 Regulating Locators Once property has been remitted to a state as unclaimed property, most states unclaimed property laws regulate locator activity. Locators working pre-escheat property held by holders such transfer agents, and funds held by state and local governmental agencies, are not regulated by state unclaimed property laws in most states. Funds held by federal agencies are normally not regulated by state unclaimed property laws National Holder Workshop

11 Roundtable Questions?