Rep. Casimiro joins Treasurer Magaziner to announce launch of ‘YOUR MONEY’ program that will automatically return unclaimed property to Rhode Islanders
STATE HOUSE – Rep. Julie A. Casimiro (D-Dist. 31, North Kingstown, Exeter) joined General Treasurer Seth Magaziner at a press conference today to announce the launch of the “YOUR MONEY” program which will match unclaimed property with known addresses so money can be returned automatically. In the past, residents have had to check the State's database to see if they have unclaimed property and then submit a claim.
The program was made possible through legislation (2017-H 5743) introduced by Representative Casimiro, in cooperation with General Treasurer Seth Magaziner, which makes it easier for Treasury to return unclaimed property to Rhode Islanders through more efficient communication between state agencies. The bill was signed into law earlier this year.
“More than 300,000 Rhode Islanders have unclaimed property, and most don’t even realize it,” said Representative Casimiro. “This program will see Rhode Islanders’ rightful money returned to them without the hassle of searching a data base and filling out forms. This is a state-of-the-art program that will ultimately see millions of dollars be returned to the pockets of our state’s residents where it belongs.”
Every year Treasury recovers unclaimed cash and assets from businesses, banks, securities, bank accounts, safety deposit boxes, and utility deposits. The property is kept safe until it can be returned to its rightful owner. In 2016, the Unclaimed Property program returned more than $12.8 million on more than 8,000 claims, yet there are currently more than 425,000 properties available for claim worth more than $325 million.
In addition to helping to return more Unclaimed Property, the legislation also allows Treasury, and the Employees’ Retirement System of Rhode Island to collaborate with other state departments where data sharing can provide additional or more updated information on individuals already in Treasury’s databases. This information can improve the speed and accuracy of identity verification for payment processing and will also allow the Retirement Board to more effectively manage post-retirement employment compliance.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903