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 The Illinois Treasurer’s Office has identified nearly 1,000
companies with $25,000 or more in unclaimed property, totaling more
than $80 million. Among these, IRMA has helped identify 63 companies
from the retail industry with nearly $4.2 million in property to
claim. Through this new partnership, the Illinois Treasurer’s I-Cash
program is teaming with IRMA to encourage retailers to initiate
their claims and assist in the process.
As part of the Illinois Treasurer’s Unclaimed Property Division, the
I-Cash program connects state residents and businesses with their
unclaimed money and other assets. The Unclaimed Property Division
recovers hundreds of thousands of properties each year from
government agencies, banks, insurers, utilities, and other companies
across the country that have been unable to return the properties to
their rightful owners. The I-Cash program then works to notify
owners and reunite them with their money and other property. Last
year, the I-Cash program reunited individuals, businesses and others
with $163 million in cash and property.
“Working with IRMA will help us return money and property to their
rightful owners faster,” Frerichs said. “Illinois retailers and
other businesses have tens of millions of dollars waiting to be
claimed, and we’re eager to get this money back into their hands,
and back into the economy.”
“This is the first time we have partnered with the Treasurer’s
office, and we look forward to helping our Illinois retailers
reunite with money or property they did not realize they had waiting
to be claimed through I-Cash,” said Rob Karr, President and CEO of
IRMA. “We are happy to be working with Treasurer Frerichs on this
effort.”
Through the I-Cash program, the Illinois Treasurer has returned more
than $1.7 million in cash and property to Illinois businesses in the
first half of this year, but there still are tens of millions more
waiting to be recovered by Illinois companies.
Some examples of unclaimed property currently held by the
Treasurer’s office include:
- Money from inactive savings and checking accounts
- Unpaid wages or commissions
- Stocks, bonds and mutual funds
- Money orders and bill overpayments
- Paid-up life insurance policies
- Safe deposit box contents
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Businesses, non-profit organizations and residents can search
for and claim recovered property through I-Cash by visiting
www.Illinois
Treasurer.gov or calling 217-785-6998. Because
hundreds of thousands of new properties are reported to the
State Treasurer each year, residents should check I-Cash every
six months.
About the Illinois Treasurer
The Illinois Treasurer is the state’s Chief Investment Officer and Frerichs is a
Certified Public Finance Officer. He protects consumers by encouraging savings
plans for college or trade school, increasing financial education among all
ages, and removing barriers to a secured retirement. As the state’sChief
Investment Officer, he actively manages approximately $25 billion. Currently,
the portfolio includes $13 billion in state funds, $7 billion in college savings
plans and $5 billion on behalf of local and state governments. The investment
approach is cautious to ensure the preservation of capitaland returns $28 to the
state for every $1 spent in operations. The Treasurer’s office predates
Illinois’ incorporation in 1818. Voters in 1848 chose tomake it an elected
office.
About the Illinois Retail Merchants Association
IRMA serves as the voice of retailing community in state government. Founded in
1957, IRMA represents more than 23,000 stores of all sizes and merchandise
lines. From the nation’s largest retailers to independent businesses in every
corner of the state, merchants count on IRMA to fight for the best possible
environment in which to do business in Illinois.
[Office of the Illinois Illinois
Treasurer Michael Frerichs]
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