Tuesday, June 18, 2013

Who is going over the top? Delaware's Finance and State departments arm wrestle over Unclaimed Property

An Interesting article in the WSJ by Vipal Monga describes the battle in Delaware to keep its business friendly reputation and to remain fiscally solvent.  Over 50% of publicly traded corporations are based in Delaware and unclaimed property is one of the largest industries in the state.    As state budgets are getting tighter and tighter expectations, Vipal writes, are only getting higher for Unclaimed Property Audits. 
 State projections indicate that an even more aggressive stance could be in the works. According to forecasts in May, Delaware expects to collect $566.5 million in unclaimed property in fiscal 2013, up 19% from the previous year, after including the money spent on infrastructure. http://blogs.wsj.com/cfo/2013/06/18/delaware-shows-two-faces/

Nationally there has been a focus on the life insurance industry, but rumors are growing that retirement plans might be next.

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