393A.050 When tax-deferred retirement account presumed abandoned.
527 words·~2 min read·
/ky/chapter-393a/393a-050A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Subject to KRS 393A.120, property held in a pension account or retirement account
that qualifies for tax deferral under the income-tax laws of the United States shall
be presumed abandoned if it is unclaimed by the apparent owner three
(3)years
after the later of:
(a)The following dates:
1. Except as provided in subparagraph 2. of this paragraph, the date a
second consecutive communication sent by the holder by first-class
United States mail to the apparent owner is returned to the holder
undelivered by the United States Postal Service; or
2. If the second communication is sent later than thirty
(30)days after the
date the first communication is returned undelivered, the date the first
communication was returned undelivered by the United States Postal
Service; or
(b)The earlier of the following dates:
1. The date the apparent owner becomes seventy and one-half (70 ½) years
of age, if determinable by the holder; or
2. If 26 U.S.C. secs. 1 et seq., as amended, requires distribution to avoid a
tax penalty, two
(2)years after the date the holder:
a. Receives confirmation of the death of the apparent owner in the
ordinary course of its business; or
b. Confirms the death of the apparent owner under subsection
(2)of
this section.
(2)If a holder in the ordinary course of its business receives notice or an indication of
the death of an apparent owner and subsection (1)(b) of this section applies, the
holder shall attempt not later than ninety
(90)days after receipt of the notice or
indication to confirm whether the apparent owner is deceased.
(3)If the holder does not send communications to the apparent owner of an account
described in subsection
(1)of this section by first-class United States mail, the
holder shall attempt to confirm the apparent owner's interest in the property by
sending the apparent owner an electronic-mail communication not later than two
years after the apparent owner's last indication of interest in the property. However,
the holder promptly shall attempt to contact the apparent owner by first-class United
States mail if:
(a)The holder does not have information needed to send the apparent owner an
electronic-mail communication or the holder believes that the apparent
owner's electronic-mail address in the holder's records is not valid;
(b)The holder receives notification that the electronic-mail communication was
not received; or
(c)The apparent owner does not respond to the electronic-mail communication
within thirty
(30)days after the communication was sent.
(4)If first-class United States mail sent under subsection
(3)of this section is returned to the holder undelivered by the United States Postal Service, the property shall be presumed abandoned three
(3)years after the later of:
(a)Except as provided in paragraph
(b)of this subsection, the date a second
consecutive communication to contact the apparent owner sent by first-class
United States mail is returned to the holder undelivered;
(b)If the second communication is sent later than thirty
(30)days after the date
the first communication is returned undelivered, the date the first
communication was returned undelivered; or
(c)The date established by subsection (1)(b) of this section.