§2062. When tax-deferred or tax-exempt retirement account presumed abandoned
1.
Presumed abandoned after 3 years.
Subject to section 2070, property held in a pension account or retirement account that qualifies for tax deferral or in a retirement account that is tax-exempt 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
[PL 2019, c. 498, §22 (NEW).]
B.
The date a distribution is required under the United States Internal Revenue Code of 1986 in order to avoid a tax penalty, including situations in which the apparent owner is deceased.
[PL 2025, c. 675, §7 (AMD).]
[PL 2025, c. 675, §7 (AMD).]
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, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.
[PL 2025, c. 675, §7 (AMD).]
3.
Confirmation of apparent owner's interest.
[PL 2025, c. 675, §7 (RP).]
SECTION HISTORY
PL 2019, c. 498, §22 (NEW). PL 2025, c. 675, §7 (AMD).