Vendors offering unclaimed property search reports and escheat services. Most unclaimed property becomes abandoned as a result of a change of address or death by the property owner.www.business.com/finance/unclaimed-property/
Business directory to 401k rollover information and advice.www.business.com/finance/401k-rollover/
Retirement industry advisers and consultants.www.business.com/finance/retirement-consultants/
Companies that provide retirement plan benefits, including 401k plans and pensions. Get information on corporate retirement plans, or how to offer retirement benefits for employees.www.business.com/finance/retirement-plans/
401(k) plans allow employees to save for their retirement by contributing a portion of their wages to an individual account. Employers can also contribute to 401(k) plans in the form of employee benefits; be sure your 401(k) vendor can manage your employees’ investments wisely.www.business.com/finance/401k/
Escheatment is the process through which the state takes ownership of property that is, or is believed to be, abandoned or unclaimed. Escheatable property can be both tangible and intangible. Read More »
Escheatment occurs when unclaimed or abandoned property, such as a savings account, stock, un-cashed payroll check, or safe deposit box is turned over to a state authority. State law requires a company to use due diligence in locating the owner of the property if it has been dormant for a period of between one and five years. Read More »
Escheatment is a process that facilitates the legal transference of money or property to the government. It occurs when someone without relatives dies lacking a beneficiary or will, when someone abandons an item or property, or when someone fails to claim property that belongs to them. Escheatment often occurs with physical property; however, any item that goes unclaimed for a specific period of time can be turned over to the government. This includes utility deposits, taxes, paychecks, bank account funds, and even businesses.
The organization that handles escheatment accounts is called the National Association of Unclaimed Property Administrators. This government agency collects the property or item and holds onto it for a specific period of time. Individuals are allowed to claim property that has gone through the escheatment process. In most states, those claiming property must fill out an escheatment claim's form and present it along with proof of their identity.
Individuals or business entities in possession of unclaimed property must report the property to their state's treasury department within a specified time period. The U.S. Department of the Treasury has detailed information on the escheatment process, what it entails, and how to turn over and claim property.
Learn more about escheatment by visiting the links on this Business.com page.