Keep Your Information Up-to-Date
The state of Pennsylvania just passed a new law regarding retirement accounts, which allows the state to liquidate some retirement accounts if the financial institutions holding these accounts lost contact with the account owners (assuming they are Pennsylvania residents) for more than three years.
Most states have similar laws that allow the state governments to liquidate unclaimed or abandoned property after they have had no activity or customer contact for a number of years, but the new Pennsylvania law is the most aggressive one due to its short wait time (merely three years). Other states may follow Pennsylvania's example to revise their own laws to claim unclaimed or no activity assets such as retirement accounts sooner in order to fill their fiscal gaps of growing public employees' Pension obligations and shrinking tax revenues.
So what does this mean to you as an investor? Double check your own contact information and beneficiary information with all financial institutions that you have accounts with, making sure they have the most-up-to date information. If you recently moved, please notify your new address to all financial institutions you have relationship with. If you designate someone else with the Power of attorney, please make sure any financial institutions you work with have your POA's accurate contact information as well.
You have worked hard and saved diligently all your life. The last thing you want is to have any government claiming your hard-earned assets because they can't get hold of you. So make sure keep your information up-to-date!