Wichita Standard

Last week, Representatives Ron Estes from Kansas and Seth Magaziner from Rhode Island, both with backgrounds as state treasurers, addressed a letter to Acting Secretary of the Department of Labor Julie Su. The letter calls for collaboration between the Department and state unclaimed property programs to assist Americans in reclaiming their unclaimed retirement savings. This initiative has garnered support from 37 additional members of Congress.

Rep. Estes highlighted his experience as Kansas State Treasurer in reconnecting residents with unclaimed property: "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." He emphasized that collaboration could significantly benefit retirees by reuniting them with their rightful benefits.

Rep. Magaziner also expressed his commitment to this cause: "Retirement benefits belong to the Americans who worked hard to earn them, not the large financial institutions who service them." Drawing on his experience as Rhode Island's state treasurer, he noted that similar efforts could be applied to missing retirement checks: "Everyone deserves to retire with dignity and financial security."

The issue at hand involves approximately 29.2 million unclaimed 401(k) accounts holding around $1.65 trillion in assets. These funds often remain unknown due to job changes or business closures affecting former employers. Although state programs currently aim to reunite individuals with various financial assets, regulatory uncertainties leave many 401(k) accounts unclaimed.

The congressional letter urges the Department of Labor to establish a consistent national regulation enabling state programs to aid individuals in recovering lost retirement funds.