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Unclaimed Paychecks: Escheatment Trends & Best Practices

Gain a clear understanding of what is encompassed under unclaimed property as it relates to payroll and how to avoid legal pitfalls of unclaimed checks.

When checks and other types of instruments are provided to employees for the payment of wages, bonuses, or reimbursements, or to other vendors as compensation for personal services, are not cashed or utilized; payments are not made when due or are issued in the correct amounts; or checks and instruments are lost and replaced, businesses many years later may be subject to audits that result in substantial liabilities under state unclaimed property and escheat laws. These laws are often enforced on behalf of states by contingent fee auditors who will scrutinize records for errors and omissions over a 10-to-15-year period and utilize statistical projections to determine amounts not paid to states when due. Many states add punitive rates of interest of up to 12% to the amounts determined to be due and may also add civil penalties. This topic will help managers of payroll and human relations departments and other company personnel and consultants understand the purpose of unclaimed property and escheat laws; what their obligations are under these laws; how to determine to which states reports must be filed and unclaimed property remitted; when reports must be filed, and payments made; and how to reduce exposure for liabilities under these laws.

54 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Are Unclaimed Property and Escheat Laws?

What Types of Property Are Subject to Unclaimed Property Laws?

What Obligations Do Unclaimed Property Laws Impose on Holders?

Which State Is Entitled to Take Custody Over the Property of a Holder That Is Presumed Abandoned?

How Do Unclaimed Property Laws Vary Among the States?

The 2016 Version of the Uniform Act

Impact of Regulation E on the Use of Payroll Cards

Best Practices

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on October 28, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • HR Certification Institute 1.0
     
  • This E-Learning program has been approved for 1.0 (General) recertification credit hours toward aPHR(TM), aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM) and SPHRi(TM)recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
     
  • SHRM 0.75
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 0.75 PDC(s) for the SHRM-CP or SHRM-SCP.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

  • Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Raymond P. Pepe

Raymond P. Pepe

K&L Gates LLP

  • Of Counsel, K&L Gates LLP
  • Has a wide-ranging state administrative law practice that includes state and local taxation, unclaimed property, and the representation of financial institutions
  • He has been involved with unclaimed property issues throughout his career, including being engaged in amending Pennsylvania’s unclaimed property law when he served as Legislative Counsel to former Governor, Dick Thornburgh; serving as a member of the Drafting Committee of the Uniform Law Commission that revised the Uniform Unclaimed Property Law in 1995 and 2015; and by assisting clients with unclaimed property audits, evaluations of the impact of mergers and acquisitions on unclaimed property liabilities, and assisting in the modernization of state unclaimed property laws
  • Member of the National Association of Unclaimed Property Professionals and has been a Pennsylvania delegate to the Uniform Law Commission since 1983
  • Has served clients as a member of K&L Gates since 1991 as an equity partner, and more recently as Of Counsel
  • Graduate, Georgetown University and the Georgetown University Law School
  • Can be contacted at 717-231-5988 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408063
Published 2021
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