BATON ROUGE, LA. – State Treasurer John M. Schroder today announced Louisiana citizens voted in favor of amending the constitution to create a trust fund that will protect Unclaimed Property money. The amendment passed with 65% voting in favor of it.
“I fought for years to make this day a reality. This amendment will stop government from spending your Unclaimed Property money,” said Treasurer Schroder. “That means your Unclaimed Property will always be there, whether you claim it or your great-great grandchildren claim it. Unclaimed Property is your money. Claim it!”
The Unclaimed Property Permanent Trust Fund will be created beginning July 1, 2021. Interest earnings from the trust fund will create a state revenue source without raising taxes or spending people’s Unclaimed Property money.
To search for Unclaimed Property, visit www.latreasury.com
FOR IMMEDIATE RELEASE
Nov. 4, 2020
Ok, this statement is misleading. Here is what the “yes” vote actually means:
– create the Unclaimed Property (UCP) Permanent Trust Fund, with the fund earmarked for payment of claims made by owners of abandoned property;
– allocate funds above administrative costs received due to the Uniform Unclaimed Property Act of 1997 (or its successor) to the UCP Permanent Trust Fund until equal to the state’s estimated unclaimed property potential liability;
– allocate any additional unclaimed property receipts and any investment revenue from the UCP Permanent Trust Fund to the state’s general fund; and
– authorize the treasurer to invest up to 50% of the UCP Permanent Trust Fund in equities.
The last two bullets indicate that unclaimed property monies can still be funneled to the states general fund. It also authorizes the state to invest these funds in equities. This leaves open the question of will these equities that will have monies invested in them reside within the state or will the state be channeling money from these unclaimed funds to outside companies who have no vested interest in our economy, education, infrastructure, or growth? Nor does it answer the question of where these invested monies go after the fact? Back to the general fund, to the treasurers pocket, the governor?