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UPPO Advocacy Update: June 2019

Posted By Administration, Thursday, June 6, 2019
Updated: Thursday, June 6, 2019

To help members remain aware of UPPO’s advocacy activities, the Unclaimed Property Focus blog presents the recurring Advocacy Update when legislatures are active or significant advocacy activity has occurred. Following are recent activities and trends from UPPO’s Government Relations and Advocacy Committee (GRAC).

 

Most state legislatures have recessed or adjourned for the year, so the number of active unclaimed property bills has decreased. States are likely to continue introducing new RUUPA-inspired bills when legislatures reconvene next year. 

 

As mentioned in recent advocacy updates, many such bills include provisions related to contingency auditors, earlier liquidation of securities and subpoena rights. 

 

The expansion of state subpoena power is especially concerning. Providing appropriate data to states as part of the unclaimed property reporting process is essential. However, some data requests and subpoenas are overly broad, presenting privacy concerns for consumers and the holders with which they do business. In some cases, data turned over to states that should be protected may be made public if the state doesn’t exclude private information from Freedom of Information Act (FOIA) responses. UPPO will continue to oppose such legislation and encourages holders to challenge overly broad information requests and subpoenas.

 

During the legislative recess, GRAC and the Holders Coalition will continue to work on federal issues, including the Internal Revenue Service’s position on individual retirement account escheatment, the tax treatment of unclaimed 401(k) accounts highlighted by the recent GAO report, and the SECURE Act. GRAC also continues its work promoting introduction of a voluntary disclosure program in California

 

As more and more legislatures and regulatory agencies take on issues affecting unclaimed property compliance, advocacy has become an increasingly important role for UPPO.

Please take a few minutes to complete our 
Government Relations and Advocacy Survey to help us build our grassroots network. Responses will give us the ability to mobilize UPPO members when we are faced with legislative and regulatory challenges and opportunities.

 

 

Tags:  California  GAO  IRS  retirement accounts  SECURE Act  subpoena 

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