NEWS & UPDATES
Escheatment and Abandoned Property
Mairs & Power Mutual Fund Investor Education on Escheatment and Abandoned Property - June 2015
Escheatment is the process of turning over financial assets considered lost or abandoned property to a state authority. Abandoned property is property that is unclaimed by its rightful owner or his or her heirs. Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or longer. States define abandoned property as one of, or a combination of, accounts without activity initiated by the account owner; accounts with an address deemed as undeliverable by the USPS; or uncashed checks. Each state has its own rules concerning abandoned property. The time periods for abandoned property range from three to five years.
It is important to note that abandoned property rules prevents Mairs & Power from recording systematic purchases or redemptions as contact as well as automatic reinvestment of dividends and capital gains.
Please contact Shareholder Services at 800-304-7404 with any questions you have regarding this information. If you have any questions regarding the laws specific to your state of residence, you may visit the National Association of Unclaimed Property Administrators website at www.unclaimed.org for more information.
If you received a notice that your account(s) are subject to escheatment, please perform one of the following:
- Complete the Shareholder Signature(s) section in the notice mailed to you and return the entire letter in the envelope provided;
- Call our automated telephone line at 800-304-7404 and select options #3 and then #4;
- or access your account online at www.mairsandpower.com.