Recently enacted legislation reduces the abandonment period for payroll checks under Missouri’s escheat law from five years to three years, effective January 1, 2015.
Unclaimed property reports and payments are due annually to the Missouri State Treasurer’s office by November 1 (for the dormancy period ending June 30). Within one year prior to remitting unclaimed wages to the state treasurer’s office, businesses must, if the amount owed is $50 or more, make an attempt to locate the owner.
A letter detailing the amount due the employee with a request for positive confirmation from the employee should be sent to the employee’s last known address or new address if one is available. Other reasonable means of contacting the employee can be used in place of the letter. (HB 1075, Laws 2014, approved July 9, 2014, effective as noted above.)
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