Compliance Question of the Week

We have several IRA accounts that were opened 10 or more years ago. Our statements are being returned, and our members have not contacted us. At what point do these become dormant and get sent to the state?

Planned savings accounts are not payable or distributable until distribution of all or part of the funds would be mandatory. Once this occurs, the accounts begin to age for unclaimed property reporting. If there is no positive owner contact after three years, the account is considered abandoned. The mandatory payout age for a regular IRA account holder is 70 1/2.

Related Links

RCW 63.29.060
DOR Unclaimed Property Guide
ORS 98.308

Interested in learning more?

The Northwest Credit Union Association (NWCUA) is hosting a two-day IRA Seminar in October to give credit union professionals a solid foundation of IRA knowledge. Day one of the training is a beginner’s session and assumes no previous IRA knowledge, while the second day builds on the IRA basics to address the more complex IRA issues facing credit unions.

The IRA Seminar will be held in three times in three different locations in October, beginning with Oct. 23-24 in Portland, Ore. The same training will then be held Oct. 25-26 in Federal Way, Wash., and Oct. 29-30 in Spokane, Wash. Registration options are available for one or both days of the seminar. More details can be found online.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Advocacy News, Compliance, NCUA.