ETM Blog

I am very pleased to announce that, with the addition of Wisconsin, we now have 38 states participating in online filing through either UPExchange or UPExpress.

For those who don't know, UPExchange is our full unclaimed property tracking and reporting system. Users of UPExchange can file directly to the states through our system. This means we transmit the NAUPA report file and coversheet directly to the participating states via a secure website where the states can log in to retrieve the reports. A voucher is provided at the end of the report process for you to print and mail to the state along with your payment. The voucher has a submission number the state uses to match your payment with the state report.

Five of these states: Iowa, Maine, Kentucky, South Carolina, and South Dakota take it one step further and allow you to transfer funds directly to the state via ACH Debit during the reporting process. This makes the processing unbelievably simple. There is literally nothing that needs to be mailed to the states when this option is used.

The 2014 report for Tennessee is due by May 1, 2015.

Tennessee just updated their reporting guide and introduced some changes. The biggest change is they have adopted the NAUPA Standard Relationship Codes. This is a list of relationship codes that was recently approved by NAUPA and many states are now adopting their use. My favorite thing about the new codes is that they include complete descriptions. This is huge as no one is born knowing what relationship codes are and their definitions have been a mystery to most holders until now.

You can view Tennessee's updated forms here. The list of relationship codes and their full descriptions can be found on page 11 and 12 of the Reporting Guide here.  

Missouri House Bill 1075 introduced some changes to unclaimed property filing for the state. The change that has the biggest impact is that payroll checks, property type MS01, are now reportable after 3 years of dormancy. This was reduced from a 5 year dormancy period. This change is effective January 1, 2015.

What is the impact this will have on your Missouri filings in 2015?

Life insurance companies are due to report by May 1, 2015. With this report, you will want to include any payroll checks that were issued on or before 12/31/2011.