Section 2062 - When tax-deferred retirement account presumed abandoned1.Presumed abandoned after 3 years. Subject to section 2070, property held in a pension account or retirement account that qualifies for tax deferral under the income tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the later of:A. The later of the following dates:(1) Except as in subparagraph (2), the date a communication sent by the holder by first class United States mail to the apparent owner is returned to the holder as undeliverable by the United States Postal Service; and(2) If the returned communication is resent within 30 days, the date the resent communication was returned as undeliverable by the United States Postal Service; and [2019, c. 498, §22(NEW).]B. The earlier of the following dates: (1) The date the apparent owner becomes 70 1/2 years of age; and(2) If the federal Internal Revenue Code of 1986, as amended, requires distribution to avoid a tax penalty, the date the holder:(a) Receives confirmation of the death of the apparent owner in the ordinary course of its business; or(b) Confirms the death of the apparent owner under subsection 2. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
2.Confirmation of death of apparent owner. If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and subsection 1, paragraph B applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased. [2019, c. 498, §22(NEW).]
3.Confirmation of apparent owner's interest. If the holder does not send communications to the apparent owner of an account described in subsection 1 by first class United States mail on at least an annual basis, the holder shall attempt to confirm the apparent owner's interest in the property by sending the apparent owner an e-mail not later than 2 years after the apparent owner's last indication of interest in the property. However, the holder promptly shall attempt to contact the apparent owner by first class United States mail if: A. The holder does not have information needed to send the apparent owner an e-mail or the holder believes that the apparent owner's e-mail address in the holder's records is not valid; [2019, c. 498, §22(NEW).]B. The holder receives notification that the e-mail was not received; or [2019, c. 498, §22(NEW).]C. The apparent owner does not respond to the e-mail within 30 days after the e-mail was sent. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
Added by 2019, c. 498,§ 22, eff. 9/19/2019.