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News & Press: UPPO Advocacy Activity

UPPO Provides Comments on Nebraska L.B. 141

Monday, November 13, 2017   (0 Comments)
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On Nov. 10, 2017, UPPO sent comments to Nebraska Sen. Matt Williams regarding the L.B. 141, Nebraska’s Revised Uniform Unclaimed Property Act. UPPO’s comments discuss issues related to several Nebraska proposal deviations from the Uniform Law Commission’s Revised Uniform Unclaimed Property Act, including:

  • When pension and other retirement accounts are presumed abandoned.
  • When tax-deferred accounts are presumed abandoned.
  • Automatic deposits and withdrawals as contact.

UPPO also commented on additional issues in Nebraska provisions related to:

  • Definition of a holder.
  • Foreign addressed property.
  • The Death Master File.
  • Taking custody.
  • Record Retention.
  • Use of estimation in audits.
  • Transition period (10-year look back).
  • Business-to-business property exemption.

View L.B. 141 and UPPO’s comments.

 

UPPO will continue to monitor and report on Nebraska L.B. 141 as noteworthy developments occur. 


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