Monday, September 12, 2016

Can Pennsylvania confiscate your IRA? Under a new law, maybe

The Philadelphia Inquirer reports:
If local mutual-fund giant Vanguard doesn't like a new Pennsylvania law on retirement accounts, will the state reverse it?

We're about to find out.

The law, which took effect Saturday, allows Pennsylvania to seize some retirement accounts three years after they're presumed abandoned - regardless of the account owner's age.

Previously, the state waited until individuals reached age 701/2 before seizing retirement accounts and liquidating the portfolios. Now, older folks and famously contact-averse millennials could be affected.
The state is theft.