Escheatment is the term used to describe the transfer of property to a state when the property is deemed to be abandoned. Contract our transfer agent immediately if you receive an escheatment notification in the form of a letter regarding the status of your account. Call EQ at 800-468-9716. It is important that you maintain active contact with the transfer agent, vote your proxy each year, and cash your dividend checks.
Note that even if you are a Moog retiree or current employee, shares held at the transfer agent or on certificates are separate property. Your participation in company events, credit union membership (MEFCU) or pension plan participation/contact are separate from activity or communication with our transfer agent. Don't ignore due diligence letters from Moog's transfer agent or employee plan administrators.
Unclaimed property is any form of intangible personal property that goes unclaimed by the rightful owner after a specified period of time. This includes shares of stock (held in certificates or electronically), dividend checks, checking and savings account balances, brokerage and investment accounts, insurance proceeds and other financial assets. It also includes credit balances on consumer credit accounts (utilities, cell phones, department store accounts).
If there is no owner-generated activity on an account for a specified period of time, or mail correspondence has been returned as undeliverable from the Post Office, then the property is said to be abandoned, or dormant, and the escheatment clock starts. If a company is unable to reconnect with or locate the rightful owner of the asset within a designated period of time, the property must be transferred – or escheated, to the proper state to hold until the rightful owner claims the property. Issuers like Moog can be audited and are subject to state fines for non-compliance.
Each state has its own set of rules and regulations governing how long property can remain dormant before it must be escheated and how it must be reported to the state. Certain states also have rules about proxy voting. In some states, failure to vote at least once every three years can affect ownership in terms of when property is subject to escheatment. These requirements vary not only by state, but also by property type and industry. (For mor information on unclaimed funds, check your state comptroller's .gov website.) Learn more about escheatment.