Enacted by signature of the Governor and effective April 28, 2021. These are companion bills with identical wording. These bills make changes to the state’s existing law. The bills can be found here.
The amendments to the law will change the date used to determine when property held in a pension or retirement account that qualifies for tax deferral is presumed abandoned. Specifically, it removes reference to age 70.5 and instead makes that prong of the dormancy trigger align to the language from the 1995 Uniform Unclaimed Property Act – i.e.: “the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty…” It also adds language stating that Roth IRAs are to be treated like tax deferred retirement accounts.
The limit for aggregate reporting changes, from $50 to $25. There is also a change in the claims process for owners. The treasurer is now allowed to waive the claim requirement and deliver the property directly to a person.