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You Can Transfer Balances of $1,000 or Less to State Unclaimed Property Funds, But Should You?
PenChecks 
[Guidance Overview] Jan. 31, 2025 "[FAB 2025-01] allows temporary relief of DOL enforcement for fiduciaries who transfer retirement plan benefits of $1,000 or less owed to missing participants to a state unclaimed property fund. This relief is only provided if the plan fiduciaries comply with applicable conditions. But satisfying the applicable conditions can be overly-complex ... To verify if the fund qualifies as an 'eligible state fund,' ... nine conditions must be met by the state unclaimed property fund[.]" MORE >> |
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