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Locals have $1.1M in unclaimed property

Posted on Monday, October 2, 2017 at 2:32 pm

Pat Marsh

Pat Marsh

State Representative

We adjourned our 2017 Legislative Session in early May, and I have been busy handling my regular job, my farm, and my family back in Bedford County. I go back to Nashville almost weekly for some kind of meeting or study committee. We start our 2018 Session at noon on the second Tuesday in January. It should end pretty quickly because 2018 is an election year.

I wanted to give some good information about Tennessee and the two counties that make up the 62nd District in the Tennessee House.

First is the treasurer’s report on unclaimed property in the state. The Unclaimed Property Division works to reunite unclaimed property with its rightful owners. Millions of dollars are turned over annually to the state by businesses and organizations who cannot locate the owners. This often includes closed bank accounts, deposits, unclaimed wages, refunds and gift certificates.

In 2017, the Tennessee Treasury paid out 43,482 claims to our citizens and the total amount was $47,872,758. They still have around $820 million of unclaimed money left in the division.

Bedford County has $2,027,204, and Lincoln County has $1,139,374, so please go online to check and see if any of this money is yours. https://www.claimittn.gov/.

Another area that I wanted to tell you about is the state’s retirement program, or Tennessee Consolidated Retirement System (TCRS). This is a pension plan that covers state employees, higher education employees, K-12 teachers and employees of political subdivisions (county and city employees) who have elected to participate in the plan. We are recognized as one of the best public pensions in the country!

Total Active Members, 217,164; Total Retired Members, 153,917; Total Retired Payments, $2 billion in 2017; Bedford County,               828 members received almost $12 million in 2017; Lincoln County, 751 members received almost $11 million in 2017.

As you can see, our two counties received almost $23 million in retirement payments last year. That’s a lot of money being returned to our counties.

The entire legislature, both the Senate and House and their staff, are moving into a newly refurbished building in November and December. It is the Cordell Hull building, which is just to the east side of the state capitol. I have had the opportunity to tour it, and it is very nice and modern. We will have new and improved large committee meeting rooms. We have been packing all of our offices for the upcoming move.

I will be seeing many of you at meetings and functions around the district this fall. I am honored to be your state representative! If you need any help with state issues, please send me an email at rep.pat.marsh@capitol.tn.gov or give me a call at 615-741-6824.