When it comes to submitting your unclaimed property reports, there are a myriad of State Reporting Unclaimed Property due dates including what are considered Spring States and Fall States.
Also keep in mind that, depending on the Holder type, that will also dictate when the report is due.
Most Life Insurance Companies have reports due in the Spring.
– 41 States are considered Fall Reporting, with reports due to them by October 31st/November 1st.
– 9 States have a Spring reporting deadline between March 1st and July 1st.
Delaware
New York
Connecticut
Pennsylvania
Florida
Illinois
Vermont
Michigan
Texas
– The above list also includes a couple of States that have reports due over the Summer/July 1st (Michigan & Texas).
– California has a preliminary report due by October 31 each year with their remittance report due in to them between the following June 1st – June 15th. The State will notify the Holder the exact final due date.
– Puerto Rico has a preliminary report due date of August 10th and the remittance report is due to the State by December 10th each year.
– Please note, the dormancy periods vary from one, three or five years amongst the States, depending on the property type. With a one year dormancy period being for Wages, Payroll or Salary. Traveler Checks have a 15 year dormancy period.
As you can see, there are an abundance of stipulations and requirements regarding unclaimed property reporting compliance. For how to navigate the reporting due date requirements, feel free to reach out to PEACC at 410.303.5510 or email us at info@peacc.com
