According to the Investment Company Institute, Americans have $5.68 trillion in Individual Retirement Accounts (IRAs). In a traditional IRA account, a person can make tax deductible contributions to an account that can grow over the years with no tax impact until distribution. Importantly, individuals must wait until age 59.5 to make withdrawals without a tax penalty (and individuals generally must begin taking distributions at age 70.5). In other words, an IRA is a prototypical long term investment. Depending upon the individual's age when he or she opens the plan, decades can go by before the money is touched, in fact, to avoid tax penalties, it is likely. The unclaimed property laws account for the fact that long dormancy is expected. Pursuant to the 1995 Uniform Unclaimed Property Act, the dormancy period for IRAs and similar accounts does not begin to run until (1) the attempted distribution of assets or (2) the date that distribution must begin under the tax laws.