Raymond Pepe, K&L Gates LLP, has posted a summary of recent changes to Pennsylvania’s Fiscal Code adopted within the 2016-2017 budget of the State. Pepe begins,
Significant changes affecting all holders of unclaimed property were included in amendments to Pennsylvania’s Fiscal Code adopted as part of the state’s 2016−17 budget. The amendments establish requirements for the notification of property owners prior to the transfer of unclaimed property to the State Treasury. In addition, the amendments modify presumed abandonment rules for fiduciary and tax-deferred retirement savings accounts, provide for the escheat of matured U.S. savings bonds, and revise rules for the publication of unclaimed property lists by the State Treasury. These changes to the Pennsylvania Unclaimed Property Act take effect on September 10, 2016, and will apply to unclaimed property reports filed in 2017.
To read the full post click here: New Amendments to Pennsylvania’s Unclaimed Property Law (2016)
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal