Press Releases

Last week, Reps. Ron Estes (R-Kansas) and Seth Magaziner (D-Rhode Island), both former state treasurers, sent a letter to Department of Labor Acting Secretary Julie Su exhorting the Department to coordinate with state unclaimed property programs to help connect Kansans and Americans with their unclaimed retirement savings. Their bipartisan letter was signed by 37 additional members of Congress. 

"As the Kansas State Treasurer who helped reconnect Kansans with hundreds of thousands of dollars in unclaimed property during my tenure, I am urging the Department of Labor to likewise work with states to help reconnect Americans with unclaimed retirement savings. Congressman Magaziner and I both know the difference it can make for constituents to receive money that's rightfully theirs, and having the Department of Labor work with state treasurers will help reunite retirees with their hard-earned benefits," said Rep. Estes.

"Retirement benefits belong to the Americans who worked hard to earn them, not the large financial institutions who service them," said Rep. Magaziner. "As the former state treasurer of Rhode Island, I know that Rhode Island’s unclaimed property division works tirelessly to reunite individuals with their missing property and can do the same for missing retirement checks. Everyone deserves to retire with dignity and financial security."

There are 29.2 million unclaimed 401(k) accounts holding approximately $1.65 trillion in assets. The workers and families who own these funds often have no idea of their existence because they have changed jobs or their former employer has gone out of business. While state unclaimed property programs already work to reunite individuals with financial assets – such as the contents of a safe deposit box or utility reimbursements – regulatory ambiguity allows thousands of 401(k) accounts to go unclaimed.

The letter urges the Department of Labor to develop a uniform, nationwide regulation that allows state unclaimed property programs to help reunite individuals with their lost retirement checks. You can read the letter here.