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Final And Unclaimed Paychecks Laws In Arkansas

>>> About Final Paychecks Laws In Arkansas

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 Arkansas for both are included below.

Arkansas's Requirements For When To Send Final Paychecks

In Arkansas, employers are required to provide the final paycheck as follows:

• If The Employee Quits:
  The next scheduled payday
• If The Employer Terminates The Employee:
  Within seven working days or the next payday

What Should Be Included In A Final Paycheck In Arkansas

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 Arkansas

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.

Arkansas's Requirements For Unclaimed Paychecks

The following are the reporting and recordkeeping requirements for Arkansas's unclaimed paycheck laws:

• Recordkeeping Requirements
  Employers must retain records pertaining to unclaimed wages for at least two years after wages become reportable. The state auditor may, with reasonable notice, examine records of employers believed to be out of compliance
• Reporting Requirements
  Arkansas 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, Arkansas 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

Recommended Training Courses For Final And Unclaimed Paychecks:

• Payroll Requirements For Terminated Employees
• Legal Requirements For Unclaimed Paychecks
• Paycheck Fundamentals Training & Certification Program
• Certificate Program For Payroll Specialists