It was floated in 2010 I believe, all IRAs, Keoghs, 401Ks, and private employee/employer retirement accounts through various vehicles, profit sharing. matching contributions etc, would be “transferred to the gubmint” and they would in return offer a “guaranteed retirement annuity” to the illegally dispossessed.
These people are serious. They want to dispossess all of us of every asset. All housing would be government housing. All assets would become government assets.
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You are correct - there is new legislation.
These people are serious!
Not in PA the law is still 5 years dormancy for banks, etc. The assets are still at the holders repository and after that they are sent to the state. PA is very nice to work with. It think most of this hype is made up and the guy is an idiot lawyer.
“She started going through the statements, and on one statement, which was full of language, one sentence in one paragraph of that statement said, ‘If you have no activity on this account, we will close out this account…’”
Kerry, an attorney, said he didn’t understand how the account was considered dormant when dividends were paid into it, and they were paying taxes on the money the whole time.” he’s too stupid to look up the law and try to understand dormancy.
here is the legal description of dormancy for financial institutions from the pa statute which is very simple by the way.
“Increased the amount of the deposit, shares or claim, otherwise than by the crediting of accrued interest, or decreased it, or presented to the holder evidence of the deposit, shares or claim; or
(ii)
Corresponded in writing with the holder concerning the deposit, shares or claim; or (iii)
Otherwise indicated an interest in the deposit, shares or claim as evidenced by a writing on file with the holder; or
(iv)
Received tax reports or regular statements of the deposits, shares or claim by certified mail or other method of communication that will provide the financial institution with a record that such report or statement was
transmitted and received; or
(v)
Owned other property held by the financial institution to which subclause
(i), (ii), (iii) or (iv) applies.”