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Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure agreements.
Defining, reporting, and liquidating virtual currency
Adopting a permanent expedited audit program
Rescheduling statutes of limitation, audit periods, and dormancy periods
Two unclaimed property bills were introduced in the Delaware State Senate on April 14, 2021. The first, SB 103, would “expressly” include virtual currency as escheatable property and, as currently proposed, would become effective on August 1, 2021. The second, SB 104, purportedly “clarifies various aspects of the State’s procedures,” “confirm[s] current examination practice” and “address[es] recent court decisions,” and provides for an effective date of August 1, 2021 for certain but not all of the provi
Top Unclaimed Property Regulatory and Enforcement Challenges in 2021 | Alston & Bird jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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Our Unclaimed Property Team has created FAQs to stimulate review of the numerous challenges associated with the potential escheatment of traditional IRAs and other tax-advantaged retirement assets.
How does ERISA play a part?
Why would a custodian voluntarily escheat an ERISA-governed plan asset or distribution?
What safeguards can a custodian rely on?
Did you know that all states require the escheatment of traditional IRAs if statutory prerequisites have been satisfied? And that there are situations in which even ERISA-governed plan accounts and distributions may be subject to elective escheatment? These outcomes often strike the average person as counterintuitive, given that such accounts are opened with a long view toward an owner’s eventual withdrawal/use of the funds in retirement, potentially decades after the account was established.