Posted on Jul 27, 2018 by JMS Advisory Group |
Ever wonder how much a state keeps on hand to pay out in unclaimed property once it is collected? The author of this article reveals through Freedom of Information Act requests that Kentucky only retains 20% of the funds remitted to pay claimants. The rest gets put into the state’s general fund and directed to other expenditures. Hardly getting the money back to the “rightful owner” as many states tout as their primary mission for these agencies…
Also makes one wonder why Kentucky charges a one dollar administrative fee to process claims – aren’t they making enough money off of their citizenry?
JMS strives to cover all angles of unclaimed property compliance and governmental management of the area. Contact us with any questions or concerns you may have about YOUR unclaimed property.