Unclaimed Property What Is It & What To Do With It Susan Vance Compliance Officer, FSITrack
What is Unclaimed Property? Intangible property needing to be reunited with its owner
U/P Filing Applies To.. All Industry Types Companies consisting of two or more employees Owners in 50 U.S. States Guam, Puerto Rico, U.S. Virgin Islands, Washington D.C.
Examples Account Balances Uncashed Checks Courts Health Savings Accounts Insurance IRA s Mineral Proceeds Miscellaneous Checks Securities Safe Deposit Boxes & Safekeeping Trust Utilities Educational Savings Accounts
History Romans Feudal England 1215 Magna Charta 1920 s 1954 1965 Texas vs New Jersey 1980 1995 2016
Uniform Unclaimed Property Act 1954 1981 1995 2016
Property Types Checking Accounts Condemnation Awards Health Savings Accounts Educational Savings Accounts Life Insurance Policies Traditional IRA Mineral Royalties Credit Balances Dividends Safe Deposit Box Contents Pre-Need Funeral Plans Utility Refunds
Dormancy Periods 1 Year 2 Years 3 Years 5 Years 7 Years 15 Years
Payroll Properties Payroll Checks Commissions Worker s Compensation Benefits
Payroll Properties Payroll Checks MS01 1 42 states 2 2 states 3 6 states 5 3 states
Payroll Properties Commission Checks MS02 1 31 states 2 2 states 3 13 states 5 8 states
Payroll Properties Worker s Compensation Checks MS03 1 4 states 3 27 states 5 23 states
Filing Processes 1. Establish/Know who is responsible for the process 2. Look for uncashed checks 3. Find the information needed 4. Send out Due Diligence letters 5. Filings 6. Post-filing
Holder Company Letterhead Date of Letter Owner Name 123 Main Street City, State, Zip RE: Account #123456 NOTICE OF UNCLAIMED FUNDS AND/OR PROPERTY Our records indicate that you appear to be the owner of the funds or property listed below. No transaction or other activity has been noted for a significant period of time. Date of Last Contact: xx/xx/xxxx Type: Balance: $xxx.xx Accounts that have shown no activity and no contact with the owner for the past years are required by South Dakota Law to be sent to the State. If we do not hear from you by xx/xx/xxxx, your property will be sent to the State. Please complete the information below or call us at 1-800-xxx-xxxx to make contact with our office regarding your account. After November 1, XXXX, the rightful owner may contact the State of South Dakota Unclaimed Property Division, www.sdtreasury.gov, to claim this property. The State Treasurer is required by state law to hold this property in perpetuity until either the rightful owner or their heirs comes forward to claim it. Sincerely, (Company s Contact name) Please sign below to acknowledge ownership of the above listed funds. Print Owner Name Date Owner Signature Street Address City State Zip Code County Action to be taken (Please check one): Reissue Check Update Account Close Account & Send Check Other (explain) Comments 8
Company Letterhead Date Payee Attn: Address Check #: Check Amount: Check Date: Our records indicate the check listed above is still outstanding. State law requires us to periodically report and remit to the Oregon Department of State Lands any unclaimed property, including unpaid checks. To help us determine if a liability still exists, please check the following item(s) that apply and return this form to us by DATE. Or you may fax the information to _. I (We) did not receive the above check, and our records still show the amount to be outstanding. I (We) received a replacement check. I (We) do not show any delinquent amounts due from. I (We) would like a replacement check. Address Correction: Comments: Signature _Date _ Phone _ Thank you for your assistance. Sincerely,
OUF-8 NOTICE OF UNCLAIMED FUNDS OWNER INFORMATION OWNER NAME DATE STREET ADDRESS CITY, STATE, ZIPCODE According to our records, you appear to be the owner of funds or have an interest in the monies, rights to monies or intangible property represented by the item listed below. No transaction or other activity has been noted for a significant period of time. If you have an interest in these funds and wish to prevent such funds from being reported as Unclaimed Funds to the Director of Commerce, State of Ohio, pursuant to Chapter 169 of the Ohio Revised Code, please so indicate by signing below and returning this notice. A return envelope is enclosed for your convenience. If a response is not received within 30 days after the mailing of this notice, these funds will be reported as unclaimed funds and transferred to the Ohio Director of Commerce, to whom all further claims must be directed. This notice is pursuant to O.R.C. 169.03(D). ACCOUNT INFORMATION TYPE OF ACCOUNT $ AMOUNT NO. OF SHARES OF STOCK ACCOUNT NUMBER / CHECK NUMBER / CERTIFICATE NUMBER ANY OTHER IDENTIFYING NUMBER POLICY NUMBER Include the following information if the account is a life insurance policy NAME OF THE INSURED BENEFICIARY OR ANNITUANT PLEASE SIGN BELOW TO ACKNOWLEDGE OWNERSHIP OF THE ABOVE DESCRIBED ACCOUNT SIGNATURE DATE PRINT NAME STREET ADDRESS CITY, STATE, ZIPCODE RETURN THE SIGNED FORM IN THE ENVELOPE PROVIDED TO: COMPANY NAME STREET ADDRESS CITY, STATE, ZIPCODE COM 5537 revised 3/2005
August 15, 20XX (February 15, 20XX if life insurance company) Receipt Name 1234 Any Road St. N Anytown, NC 99999-9999 Our records indicate you appear to be the owner of the funds or property listed below. No transaction or other activity has been noted for a significant period of time. INSERT: Full description of funds or property type being held, such as check or account number, date of item or last transaction date, dollar amount or estimated value, etc. Please include any additional information which would assist the owner in identifying the property. If you have an interest in the funds or property, and wish to prevent the funds or property from being reporting as unclaimed property to the State of North Carolina, please sign this notice and return it to: ABC Corporation 1st Avenue S. Big City, US 99999-9999 If satisfactory proof of claim is not presented by October 1, 20XX (April 1, if holder is a life insurance company), the law requires us to remit these funds or property to the North Carolina Department of State Treasurer Unclaimed Property Division by November 1 st (May 1 st for life insurance) to whom all further claims must be directed. The funds or property will be available for claim from the North Carolina State Treasurer s Office Unclaimed Property Division after January 1 st (July 1 st for life insurance company). Please sign below to acknowledge ownership of the above listed funds or property. Signature Joint Owner Signature Print Name Print Joint Owner Name Print Street Address Daytime Phone Number Print City, State, ZIP Print E-mail Address
, 20 Owner Name 123 Main Street City Name, State, Zip RE: (Property Description) We are holding unclaimed property, as defined by Indiana Code 32-34, totaling $ due to the person listed above. The owner may claim this property by contacting us at the address and/or phone number listed below. Holder Information: Company Name Address Phone Number If we do not hear from you before (insert the last date by which the company can remove items for refunds before reporting to the State), Indiana law requires us to submit this property to the Office of the Indiana Attorney General s Unclaimed Property Division by November 1 st of each year. The Indiana Attorney General will hold this property for twenty-five (25) years or until the rightful owner, heirs or successor claims it. If your property is transferred to the Unclaimed Property Division you will be required to submit a claim and required identification information to the Division to recover your property. Sincerely, (Company Contact Name) ------------------------------------------------------------------------------------------------------------ PLEASE SIGN BELOW TO ACKNOWLEDGE OWNERSHIP OF THE ABOVE LISTED FUNDS AND RETURN TO OUR OFFICES Signed Date Address City State Zip Action to be taken (PLEASE CHECK ONE) O Reissue Check O Update Account O Close Account and Send Check O Other (explain) (original is/is not enclosed) (passbook is/is not enclosed) (passbook is/is not enclosed COMMENTS
Holder Name Holder Address Line 1 Holder City, Holder State Holder Postal Code "THE STATE OF CALIFORNIA REQUIRES US TO NOTIFY YOU THAT YOUR UNCLAIMED PROPERTY MAY BE TRANSFERRED TO THE STATE IF YOU DO NOT CONTACT US." Today's Date (Extended) Owner Name (FML) Address 1 City State Zip Account Number: Account Dear Mr. or Mrs. Last Name Unclaimed Property Law requires Holder Name to transfer funds from deposit, account, shares, or other interest to the State Unclaimed Property Office if the account has been inactive for years. According to our records, there has been no customer activity on your account for more than years. Therefore, your property is in danger of escheating to the state unless you contact us or respond by completing, signing, and returning this notice to: Holder Name Holder Address Line 1 Holder City Holder State Holder Postal Code Email Address: E-mail TEL: Phone If your account is transferred to the state unclaimed property department, you will be required to submit a claim to the unclaimed property office in order to recover it. Please check the appropriate box, sign in the space provided below, and return to us as soon as possible to avoid having your account escheated to the state unclaimed property office. [ ] I wish to maintain this account; by signing and returning this notice, I am satisfying the requirements of the Unclaimed Property statute by indicating an interest in the account and my desire that Holder Name maintain this account on my behalf. [ ] Please update my address(es) as follows: [ ] I wish to close the account. Please send a check for the closeout amount. (Signature) _ (Date) We appreciate your assistance in this matter: Please contact our office if you have any questions or if we can be of assistance to you in any way. Sincerely, Name Title Holder Name
RUUPA Revised Uniform Unclaimed Property Act 2016 How it effects Payroll filings
Support Naupa National Association of Unclaimed Property Admisitrators www.unclaimed.org UPPO- Unclaimed Property Professionals Organization www. Uppo.org Payroll Associations Txpayrollconference.com
Register at Register.IRSCompliance.org Visit www.irscconference.com for More Information
Susan Vance Compliance Officer, FSITrack susan@fsi-inc.com Financial Software Innovations, Inc 3102 Bee Caves Rd, Suite 200 Austin, TX 78746 800-969-7979 www.fsi-inc.com