Social Security Administration and Escheated Funds

The Social Security Administration has established procedures for returning funds rightfully due to them. However, often a beneficiary dies and has no known relatives nor estate to claim those funds. Each individual State has a law establishing the procedures to follow disbursing those funds. The funds need to be escheated in accordance with state law.  The law may allow a local governmental agencies such as a county to collect these funds. For further information you may contact your states Office of State Controller or the governmental entity dealing with this issue.

 

For more information visit naorp.com.

About Author: Ed Doonan

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