Handling Unclaimed or Abandoned Wages - HRCI - 1.5 CPE
- Speaker:Vicki M. Lambert
- Product Code:GRC-90251
HRCI Credits: 1.5
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HRCI CPE - 1.5
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
It is every employer’s responsibility to identify which paychecks have remained unclaimed by employees and to turn over these “unclaimed wages” to the appropriate state annually. But most employers are unaware of this requirement and are equally unaware of the penalties, fines and especially interest that can be levied against such employers by the state. This webinar explains when wages are considered abandoned, how to track and submit these checks to the appropriate state and how to perform the required due diligence.
Abandoned wages, abandoned property, escheat…the process may have many names but only one real requirement. All “holders” (aka employers) must report all unclaimed wages to the proper state, at the proper time, in the proper manner using the proper method. No ifs, ands or buts. The trouble is many employers are simply not aware of these requirements. The issue of non-compliance is just a matter of the company not being aware of their reporting responsibilities. But unfortunately not being aware of the requirement doesn’t stop the huge fines and penalties that befall the company for failing to report unclaimed wages.
Failure to comply with state regulations could now result in audit assessments, significant interest accumulations, and criminal penalties. The ramifications may not even be limited to one state. For instance, organizations with the corporate headquarters in one state and employees in other states could be liable for penalties in all states that they have employees. It all depends on which employee did not claim which paycheck. And given the current economic environment, many states have moved towards unclaimed wages as a source of revenue that can be easily tapped with existing laws and a crackdown on enforcement.
The only way to avoid these huge penalties, fines and interest is for the payroll department to correctly identify all unclaimed wages, and report and remit them each year to the proper authorities.
Areas Covered in the Webinar:
- When are wages considered abandoned
- What laws or regulations cover unclaimed wages
- What is payroll’s responsibility relating to abandoned wages
- What processes to take to correctly report and remit unclaimed wages
- Liability issues—what do you do if you have an outside payroll service
- How to establish proper procedures for tracking unclaimed wages correspondence to comply with due diligence requirements
- How to safeguard unclaimed wages from unauthorized and improper release
- The importance of written procedures
- Steps to surviving an audit
Who will benefit:
- Payroll Professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Attorneys, or any individual or entity that must deal with the complexities and technicalities within the payroll process
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. With over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today. A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country.
Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of and instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA. She is also the Program Developer, Subject Matter Expert (SME), and Facilitator for the Certificate in Payroll Practice and Management Program offered by Cengage Learning / Ed2Go through hundreds of colleges and universities across the country.