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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.