By revising and expanding the scope of its unclaimed property statute, the State of Pennsylvania is solidifying its ability to collect and use an ever expanding amount of its citizens assets.
Reduced dormancy periods to 3 years is unfortunately the new normal, but most concerning here is the 3 year dormancy placed on retirement accounts. By definition a retirement account is supposed to remain untouched for many years so that it may grow; now the Pennsylvania Treasury will lawfully be able to take custody of retirement accounts after 3 years, sell the investments and spend that money. In the rare instance that the account is claimed, they will only be responsible for the amount of the sale. Read more by clicking the link below: