Unclaimed Wages: Best Practices for Reporting and Remitting Abandoned Payments
|Date / Time:
Every year, states collect millions of dollars and in the case of at least one state - Pennsylvania - well over a billion dollars in unclaimed property, including forgotten money and valuables.
Unclaimed wages usually make up a good chunk of each state's money-pie.
In Pennsylvania, State Treasurer Rob McCord said he attributes hitting the $1.9-billion mark in part to improved communication and outreach with businesses that may have been holding on to abandoned money rather than turning it over to the state, as required by law.
It's important for employers not to rely exclusively on outreach and communication by their respective states about their reporting obligations concerning unclaimed wages. You should take a proactive approach to notify an employee if you discover that a paycheck has gone uncashed or has expired - and also to report it.
Don't miss our informative webinar on August 15 designed to teach you the best practices for reporting and remitting unclaimed wages. Our presenter will explain what constitutes an "uncashed" wage check for purposes of reporting unclaimed property and how to properly report and remit unclaimed wage payments.
Participate in this interactive webinar, and you'll learn:
- The trigger point when wages are generally deemed abandoned
- What you need to know about state dormancy requirements
- How to spot errors, including voided checks and duplicates, before you report wages as unclaimed
- What you should do when unclaimed wages are discovered, including best practices for attempting to notify employees about those payments
- Why it's important to know who's responsible for reporting unclaimed wages - you or your third-party administrator
- Unclaimed wage due-diligence requirements and best practices for tracking unclaimed wages for your organization
- Pointers on how to draft your due diligence letters, including sample language to include
- Tips on the correct way to report and remit unclaimed wages to states across the nation
- Safeguarding procedures to thwart the unauthorized or improper release of unclaimed wages
- What to do if you learn a governmental agency wants to audit your organization due to your alleged handling of unclaimed wages
- And much more!
In just 90 minutes, you'll learn everything you need to know about the best electronic recordkeeping practices for HR professionals. Register now for this informative event risk-free.
About your presenter:
Attorney Marlys A. Bergstrom is a member of Sutherland Asbill &Brennan LLP's financial services group. She focuses her practice on insurance, unclaimed property compliance, planning and related restructuring, and audit defense and has several years of public accounting and state auditing experience, including complex unclaimed property consulting projects for multinational clients in the high tech, oil and gas, wholesale distribution, manufacturing, retail, pharmaceutical, travel, healthcare, and insurance sectors.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.
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versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
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at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
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|Licenses / Designations / Educational Credits:||PHR / SPHR Re-Certification Credits|
All US States: 1.5
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|Keywords For This Course:|
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