Connecticut treasurer highlights $82M in unclaimed property returned to rightful owners

Connecticut's Government Administration and Elections Committee meeting on March 7 highlighted significant advancements in the state's unclaimed property program, spearheaded by the Treasurer's office. The introduction of the FastTrack system, launched in April 2024, has streamlined the claims process for amounts under $2,500, allowing for automated payments to rightful owners. This year alone, over 15,000 claims have been processed, resulting in a record payout of $82 million to more than 44,000 individuals.

Since the program's inception, Connecticut has returned over $1.1 billion in unclaimed property to residents and businesses. The Treasurer urged attendees to check ctbiglist.gov for unclaimed assets, especially with tax season approaching, as many individuals may be unaware of funds owed to them, including uncashed checks and life insurance proceeds.

The meeting also addressed proposed legislation aimed at improving the management of unclaimed property, particularly concerning prepaid funeral services. Currently, funds paid for funeral services can become unclaimed if not utilized, and the proposed changes would require funeral homes to turn over these funds to the state after a specified period following the beneficiary's death. This measure aims to ensure that families can reclaim these funds, which often remain inaccessible.

Additionally, the committee discussed the need for a minimum threshold of $50 for sending notifications about unclaimed property, which would reduce administrative costs and focus resources on more significant claims. The Treasurer emphasized the importance of safeguarding funds while efficiently returning them to rightful owners, highlighting ongoing efforts to modernize the claims process and combat fraud.

As the committee moves forward, the proposed legislation is expected to enhance the state's ability to manage unclaimed property effectively, ensuring that more residents can reclaim what is rightfully theirs.