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Iowa Final And Unclaimed Paychecks Laws

Final And Unclaimed Paychecks Laws In Iowa

>>> About Final Paychecks Laws In Iowa

State and federal law requires that employers give departing employees their final paycheck within a specified time period or - if a paycheck goes unclaimed - to follow state escheatment rules. The rules in Iowa for both are included below.

Iowa final paycheck rulesIowa's Requirements For When To Send Final Paychecks

Iowa requires that final paychecks be paid on the next scheduled payday, but does not have specific rules on how to send a final paycheck, so the final paycheck can be paid via direct deposit (if an employee previously authorized direct deposit for wages), or by check or payroll paycard, either in-person or mailed.

Note that employers generally are not obligated to pay a terminated employee via direct deposit on his or her final paycheck.

What Should Be Included In A Final Paycheck In Iowa

The final paycheck should contain the employee's regular wages from the most recent pay period, plus other types of compensation such as commissions, bonuses, and accrued sick and vacation pay. Employers can withhold money from the employee's last paycheck if the employee owes your organization.

For More Info On Final Paychecks

For more about Final Paychecks, go to https://www.payrolltrainingcenter.com/payroll-requirements-for-terminated-employees-wt1000388


>>> About Unclaimed Paycheck Laws In Iowa

Believe it or not, you just can't keep a paycheck that an ex-employee doesn't take. Even if a check is abandoned, the employer has no right to void the check and keep the funds.

Technically, unclaimed paychecks are subject to 'escheat' laws as unclaimed property under the laws of the state where the employee last worked. This means that employers are required to follow their state's laws for submitting unclaimed paychecks to the state. Not doing so can subject employers to fines and penalties.
Iowa final paycheck rules
Iowa's Requirements For Unclaimed Paychecks

The following are the reporting and recordkeeping requirements for Iowa's unclaimed paycheck laws:
  • Recordkeeping Requirements
    Employers must retain a record of the names and last known addresses of payees for four years after reporting to the state
  • Reporting Requirements
    Iowa employers must report and remit unclaimed wages annually. Typically, the report for unclaimed wages must be sent before Nov. 1 of each year for wages unclaimed as of June 30 of that year
With regard to recordkeeping, Iowa employers should speak with their legal counsel to determine processes and procedures re how many attempts the employer should make to contact ex-employees.

For More Info On Unclaimed Paychecks

For more about Unclaimed Paychecks, go to https://www.payrolltrainingcenter.com/rules-for-unclaimed-paychecks-wt1000338

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Contact Info For Final And Unclaimed Paycheck Requirements For Iowa

Iowa Workforce Development
1000 E Grand Ave
Des Moines, IA 50319-0209
515-281-5915
www.iowaworkforcedevelopment.gov/





References and Disclaimers:

This information is based on a variety of state laws and regulations, and is subject to change. The PayrollTrainingCenter makes every effort to make sure this information is current and accurate, however, the PayrollTrainingCenter is not engaged in rendering legal or professional advice and shall not be held responsible for any inaccuracies contained herein.

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