It also informed people with assets above that amount about how to contact the Treasurers office to get their money. All Rights Reserved. The program comes off as hugely and unnecessarily complex, she said. Connecticut Treasurer Shawn Wooden, who was elected to office in 2018, declined through his spokesman to be interviewed for this story. You'll enjoy reading CT Mirror even more knowing you publish it. I think the technology piece of this will be huge when were able to get that implemented.. But the changes wont fix other fundamental issues with the program, like the millions of dollars in smaller assets that are still not listed on the state website. Woodens staff also said it proactively contacts some unclaimed property owners by mailing postcards to them if their tax information is included in the data the state collects from financial institutions. One of the major goals of the unclaimed property program, she said, was to use the leftover cash in the fund for the greater good. Its meant to turn what would have been private profits for banks and insurance companies into a public benefit, she explained. Not all of them could be in the office at once because of the public health restrictions during the pandemic. Connecticuts unclaimed property fund has historically been a profit-maker, but it might not take much to transform it into a financial loser for the state. The program has been scrutinized during the. Connecticut isnt the only state that dips into its unclaimed property fund to help cover government spending. This news story is funded in large part by Connecticut Publics Members And they couldnt take the paperwork and the sensitive information it contained home with them. Since then, Magaziners office has been able to proactively pay out $10.5 million to more than 70,000 individuals. Use each separate database in the links below to search for each type of unclaimed money. The money the treasurers office spends to operate the unclaimed property program raises questions about its priorities, as well. Our offices documentation requirements are designed to balance the goal of reuniting rightful owners with their property against the necessity of ensuring that claims are properly paid, they said. Its obstacles like that, critics argue, that have contributed to the programs record over the past two decades. The office also argued that the hurdles it makes everyone jump through before releasing their money help to deter fraud. And many are held up because the state requires the filers to submit various paperwork to prove they are the rightful owners of the money. This poor performance is not a bug, but a feature, he said. Some of the assets, for instance, may not have enough personal information available to find the owners. Those changes and the public attention that was brought to the program last year had huge impacts, according to the most recent statistics that were compiled by the treasurers office. He helped promote legislation that would have allowed the treasurers office to access state tax information and other governmental data so the treasury staff could find current addresses for people named on the CT Big List. Connecticut's Office of the Treasurer is holding $869 million in unclaimed assets that it's trying to return to rightful owners and heirs. Instead, the state has an obligation to proactively provide this information, clearly and without confusion, to its rightful owners.. Tapping that source of money allowed lawmakers to argue in past legislative hearings that Connecticuts public campaign finance system is not funded by state tax revenue at least not technically. listeners, viewers, and readers like you who value fact-based journalism and trustworthy information. Please reload the page and try again. Get CT Mirror briefings with enterprise reporting, investigations and more in your inbox daily. The State Office Building at 165 Capitol Ave. in Hartford, home of the state treasurer's office. Several weeks later, however, former treasurer Shawn Wooden announced a number of changes to the program to make it easier for people to identify their assets and submit claims for that money. Reach Andrew at 843-592-9958. But Connecticut has a unique use for the money that other states dont: political campaigns. That loss, according to state law, would need to be filled by more than $12 million in corporate tax revenue. Lizzis efforts to shine light on the unclaimed property program in Connecticut have been less effective, however. Connecticut leaders effectively took out a loan when they repeatedly used the leftover cash from the unclaimed property program to finance political campaigns and supplement their annual budget. The number of people, nonprofits and other organizations that have money listed on the CT Big List increased dramatically as a result of the lower-value assets being added to the website. Its redirected for other purposes. 165 Capitol Avenue, 2nd Floor That use of the money could make it difficult to rally political support behind reforms to the program. Search Office of the Treasurer Forms & Instructions Please refer to our new website, www.CTBigList.com, and see the Reporting Property - Holder Forms page. There isnt a single organized group complaining that they didnt get their money back.. For years, the state treasurer has used this online database, called the CT Big List, to publicize those so-called unclaimed properties and to inform businesses, nonprofits, local governments and Connecticut residents how to regain possession of their money. Its unlikely that every person included on the list of unclaimed property will be able to retrieve that money. The social security numbers on those accounts did not match his own, Ault said, likely because he had opened those accounts for their now-grown children. If you have lived in other states, check their unclaimed property offices, too. He has pushed the Connecticut legislature repeatedly since 2018 to pass a bill that would again require the Treasurer to notify cities and towns when the state is holding money that belongs to them. That loss, according to state law, would need to be filled by more than $12 million in corporate tax revenue. Anyone with an uncashed check, forgotten savings account or uncollected security deposit worth less than $50 wont find their money listed there. But Im also really interested in looking at things like really improving our technology, allowing us to process some of these claims more quickly.. Anyone who is listed as the owner of unclaimed property can ask for their money back at any point, even if the state took control of their assets years or decades ago. At that time, the program still required paperwork for everything. 90% of our revenue is contributed. Matt Cavallaro, finance director for West Haven Public Schools, said the district did recoup several claims after being informed of the CT Big List program by the Register last year. Over the past five years, the treasurer spent roughly $4.9 million to audit banks, utilities, insurance companies and other financial institutions in order to force them to turn over an additional $50 million in unclaimed property to the state. I assumed the CT Big list included all of the money in the states possession.. According to claims observed by the Register, claims for the City of West Haven or City Hall departments total a minimum of $5,700; outstanding claims for the Police Department are a minimum of $2,350; and outstanding claims for the school district and Board of Education are a minimum of $2,150. The setup allowed anyone with unclaimed property valued at less than $2,500 to immediately get their cash. Billions collected, millions returned: How CT and its politicians keep unclaimed money from the public, How can CT close gaps in youth sports? If a large number of people ask for their money back in a short period of time, the program could run a deficit over several years. Connecticuts unclaimed property fund has historically been a profit-maker, but it might not take much to transform it into a financial loser for the state. Columnist Colin McEnroe ponders the fate of a Hollywood showdown that seems like an AI game of chicken. But there is no way for residents to know if the state owes them such a small sum. It provided a $98 million cushion for lawmakers during the last legislative session alone. [READ MORE: Billions collected, millions returned: How CT and its politicians keep unclaimed money from the public]. That obsession led Lizzi to help uncover a scandal of sorts in Colorado earlier this year. He has pushed the Connecticut legislature repeatedly since 2018 to pass a bill that would again require the treasurer to notify cities and towns when the state is holding money that belongs to them. The amount collected and returned to citizens varies by year. Many of those assets included the address where Ault has lived for the past three decades. Watch Live at 7:00 PM: The U.S. and the Holocaust, a film by Ken Burns | Screening & Panel Discussion . The governors office did not respond to questions about the money the Lamonts are owed or whether they had ever attempted to reclaim that cash. West Haven is subject to oversight by the state Municipal Accountability Review Board, which is a combined project of the treasurer's office and the Office of Policy and Management. And they had to mail in paper copies of their drivers license, Social Security numbers and other personal information to prove they were the rightful owner of the missing assets. Last year, the Register reported thatWest Haven had a minimum of $3,950 in unclaimed property stemming from things such as old checking and savings accounts,uncashed checks, forgotten utility deposits, unclaimed life insurance proceeds or inactive stocks and bonds held by the state. Connecticut returned $70.7 million in unclaimed property to state residents over the past year, but the often-overlooked program continued to accumulate many millions of dollars more in additional uncashed checks, forgotten savings accounts, unclaimed insurance policies and misplaced refunds. There are clear incentives for politicians to keep the money: Most of the unclaimed cash goes into the general fund, making it easier to balance the state budget. But, again, those efforts did not include anyone with unclaimed property valued at less than $50. 2023 The Conneticut News Project. Over the past two decades, state lawmakers redirected more than $1 billion from the unclaimed property program to help supplement that annual budget. Many other states use the programs to help fill in yearly budget gaps, too. The website CT Big List, launched by the state treasurer's office in order to streamline outstanding claims for money owed to individuals, corporate and nonprofit entities and. Our offices documentation requirements are designed to balance the goal of reuniting rightful owners with their property against the necessity of ensuring that claims are properly paid, they said. But those pleas went unheeded. CT Big List shows Middletown is owed thousands in unclaimed funds Adam Hushin Jan. 19, 2022 Updated: Jan. 19, 2022 12:13 p.m. Van Buren said the office mailed letters to municipalities that were unable to pick up packets at events, with a list of property found by the office of the treasurer's staff. So, after growing tired of trying to jump through the hoops, she eventually gave up. The treasurers office reported in December that it collected $183 million in unclaimed property during the 2022 fiscal year. Holder Alerts. Beginning on 2/8, CHET is moving to Fidelity Investments. Publications & RFPs Annual Reports; Pensions and Trusts Policy Statement . The statistics for the unclaimed property program make it clear that only a small fraction of the claims that were filed during the 2022 fiscal year resulted in the state reuniting people with their money. Local governments and their taxpayers could also stand to gain. I assumed the CT Big List included all of the money in the states possession.. Unclaimed money held by a state may be from bank accounts, insurance policies, or the state government. And he asked state lawmakers to authorize his office to automatically mail checks to individuals who could be properly identified. Rhode Island, for example, started automatically issuing checks to the owners of unclaimed property in 2017 after Treasurer Seth Magaziner asked his state legislature to change the law. It has everything from inactive stocks and bonds to forgotten telephone or utility deposits. All of that money is currently concealed from public view when people search ctbiglist.com. That includes advocating at the legislature for the additional tools and assistance that his office needs, he said. The State of Connecticut is holding onto more than $750 million in unclaimed property. Yet it returned less than 37 percent of that amount to its owners, according to an analysis by the CT Mirror. That is roughly the same amount of unclaimed property the state swept up over the most recent five year period. CT BIG LIST and 2018 Special Publications. Ault said they gave the treasurers office several months to contact them about their claims, but they grew concerned in August when nothing had materialized. Those programs were set up in the 1900s including Connecticuts, which got its start in the 1930s. But in Connecticut, the burden still largely falls to individuals and organizations to initiate the process of retrieving their money. But that doesnt absolve the state of those debts. There was an error and we couldn't process your subscription. A number of other states moved to modernize their unclaimed property programs in recent years in an attempt to boost the amount of money they are returning to peoples bank accounts. That claims process can be held up for all kinds of reasons, the treasurers office told the CT Mirror. Yet nothing like that exists in Connecticut. He was introduced to the programs several years ago, and he said he quickly went down a rabbit hole. He became obsessed with the way states collect unclaimed checks, security deposits and insurance proceeds, and he was troubled by the laws and systems that prevent more of that money from being returned. The treasurer currently relies on an online tool called the CT Big List , where people can search their names for free to find out if the state swept up any of their assets. Those improvements now enable people, for the first time, to file a claim online, submit the necessary paperwork over the internet and check on their request through the website. Even though he lives in Connecticut, Lizzi has positioned himself as an unofficial watchdog on unclaimed property programs throughout the United States. Erick Russell, the newly elected Democratic Treasurer, recently announced that the unclaimed property program set a new record during the 2021-2022 fiscal year for the amount of money that was. The Connecticut treasurer's office is largely operating the way it did in past decades, when it advertised its list of unclaimed property intermittently in local newspapers. People seeking to retrieve their money submitted claims using handwritten forms. But that means more than 239,000 other claims were still stuck in the pipeline in June 2022, at the end of the fiscal year. He was introduced to the programs several years ago, and he said he quickly went down a rabbit hole. He became obsessed with the way states collect unclaimed checks, security deposits and insurance proceeds, and he was troubled by the laws and systems that prevent more of that money from being returned. Contact Us Search Department of Consumer Protection Unclaimed Property In Connecticut, there is no registration or license required for businesses that act as solicitors of unclaimed property claims. But improving the program could present financial risks for the state in the short term. Yehyun Kim / CTMirror.org Office of the State Treasurer That entire effort, according to the California Controllers office, is only expected to cost the state around $72,000 per year to operate. That happens often. Unclaimed property holders must report these accounts to the Connecticut Treasurer's Office. The treasurers office is now authorized to mail out checks for unclaimed property that is valued under $2,500, but without access to state tax data, the office is unlikely to locate the correct addresses for the hundreds of people on the CT Big List. I think we need to have openness and transparency, he said. To do that, it would require the Connecticut legislature to pass a new law. Owner Find Your Name. Frequently Asked Questions. But he said he is interested in continuing to improve upon the program so that more people can access their money. The treasurers office told lawmakers that sending letters to municipalities was unnecessary because the towns and cities should already have been notified by their banks, insurance companies and other financial institutions before the state took possession of the assets. Brian covers all things West Haven. Yet nowhere on the state website is that fact mentioned. Between 2010 and 2021, the total amount of money the state owes through the unclaimed property program more than doubled. Those companies are forced to hand that money over to the state if they cannot make contact with the owners of those assets. It is a system that works, both for claimants, who sometimes come forward years later, staking their claim to assets they lost or inherited, and for the general public.. Without more accurate data, the treasurer is likely to be mailing those notifications to the often-outdated addresses that were used by the banks, utility companies and insurance carriers in the first place, leading them to be turned over to the state. As a result, the burden falls to individuals and organizations to seek out their own cash. "The Business Office will begin the same process to recover the funds that are still available,"Cavallaro said in an email. HARTFORD, Conn. (WTNH) Feb. 1 marks National Unclaimed Property Day, and state officials are reminding you to see if Connecticut has any money that belongs to you so you can start the. The sheer number of people seeking to access the program, Russell said, shows the value of the program. The bill that was passed in 2022 also required the treasurer to send out first class mail notifying anyone who had property added to the CT Big List in the past year and instructing them on how to apply for that money. The total number of owners included on that searchable list spiked from roughly 1.1 million during the 2021 fiscal year to more than 9.6 million during the 2022 fiscal year a direct result of the addition to the list of those owed less than $50, as reported in CT Mirrors investigation. The state, she learned, had swept up her $50 refund from a local utility company, but after numerous attempts, she was unable to provide enough documentation to the treasurer to regain possession of her cash. That format makes it nearly impossible for an average citizen to search all of the unclaimed property on their own, and it took The Mirror months to convert the data into a searchable list. WEST HAVEN For years, city officials have met with a state oversight board to discuss how West Haven can grow its grand list to prevent raising taxes in a city that according to state data already has one of the highest tax rates in Connecticut. Mary Mushinsky, one of the longest-serving state lawmakers in Connecticut, said the reason the legislature hasnt taken a hard look at the unclaimed property program is because very few people are actually advocating for changes to the program. These claims can be lost bank accounts, unclaimed safe deposit boxes, stocks and bonds and more.
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