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News from the Treasurer
Treasurer Hollenbach's Financial Literacy Bill Passes in House
Frankfort, KY (February 24, 2015) – Today, House Bill 375, a bill to create a Kentucky Financial Literacy Commission was passed in the Kentucky House of Representatives.
“We’ve got a lot of public support for moving Kentucky forward in financial literacy,” said Treasurer Todd Hollenbach. “This is something we need in our commonwealth and I’m glad the House agrees.”
Sponsored by Representative James Kay, the bill would create a Kentucky Financial Literacy Commission that would make its focus to increase the college savings rate, the rate of retirement savings, provide a resource for everyday money management, and free resources to parents and educators to utilize for teaching children about money.
“This commission would be set up as a 501(c)3 non-profit organization, paid for by corporate donations and fundraising by the commission. No general fund dollars will be used to fund the commission,” said Treasurer Hollenbach. “Most importantly, we’ll be providing a resource for Kentuckians, uplifting the financial position of our citizens and therefore our Commonwealth as a whole,”
The bill is modeled after a similar bill which passed into Tennessee law in 2010. Since the commission was created in Tennessee, their state has risen to be a national leader in financial literacy, receiving the highest ranking given by The Center for Financial Literacy at Champlain College.
“Our neighbor to the south has made tremendous strides toward goals we also seek here in our Commonwealth,” stated Treasurer Hollenbach. “This bill and commission is modeled by their success, and I feel it is only prudent to use a model already proven to be effective in advancing our own state. I hope to see the support for this initiative in the Senate that the House has given it,” continued Hollenbach. “This is something that Kentuckians really want and need.”
Treasurer Hollenbach Proposes Kentucky Retirement Account
State Representative Martha Jane King of Logan County to sponsor Retirement Savings Plan Bill!
Frankfort, KY (February, 2015) – Entitled the KYRA Bill ( pronounced kigh-ruh) which stands for Kentucky Retirement Account, Kentucky Treasurer Todd Hollenbach told reporters in a Capitol rotunda news conference in Frankfort today that the proposed legislation allows the Commonwealth to act as a catalyst to make available a privately run retirement savings plan for all Kentuckians who lack access to a plan at their workplace.
“There are 786-thousand Kentucky workers who could take advantage of the Kentucky Retirement Account Program”, the Treasurer stated. “KYRA will provide an opportunity for them to insure they have enough income to support themselves when they retire.”
State Representative Martha Jane King of Lewisburg, the primary sponsor of the bill said, “The goal of this legislation is to promote financial freedom, give Kentuckians a choice, give employees control, save taxpayer dollars and do it in such a way that there are no ongoing costs or risks to employers or the state.”
Treasurer Hollenbach outlined the essential points of the bill, “It will be privately administered similar to the management of the Kentucky Deferred Comp system for public employees.
It will be voluntary with a default auto enrollment unless the employee decides to opt out.
It will be portable. Workers can take their plan with them if they change jobs. It will cost employers nothing and it will cost the state nothing.”
The Treasurer expressed gratitude to Representative King for her support and leadership on the issue. The Treasurer was also grateful for the endorsement of his proposal by the American Association of Retired Persons (AARP). Research by AARP found that inadequate retirement savings is a major concern.
“Failure to save adequately for retirement,” Representative King stated,” will lead to increased burdens on a costly and already overburdened social service network costing taxpayers millions of dollars. And if action is not taken quickly this crisis threatens to plunge many of our seniors into poverty, disrupt entire families, and impact our overall economy”, she added.
Treasurer Hollenbach Works with State Auditors to Maintain a Cyber Secure Treasury!
Frankfort, KY (February 4, 2015) – In an effort to ensure that Kentucky State Treasury is technologically secure, Treasurer Hollenbach and his staff have worked closely with state auditors to identify the areas in which improvements can be made to increase cyber security.
“Our review shows that we have developed the necessary security plan to properly protect sensitive information,” stated Treasurer Hollenbach. “Unfortunately, state budget constraints have slowed our ability to see the completion of that plan.” Treasurer Hollenbach continued, “This isn’t an uncommon problem with state agencies. Computer technology is progressing at an unfathomable rate. Unfortunately, the advances made by those who would use technology for their own nefarious purposes are progressing almost as rapidly.”
While Kentucky State Treasury has developed the proper plan for taking security measures to protect any intentional or unintentional access or misuse of information, the state budget has not fully allocated the funds to complete those measures.
“We’re pleased to have added a highly experienced Network Analyst to our staff who has worked with Department of Defense level encryption and security,” said Treasurer Hollenbach. “And our IT division’s first priority is protecting Treasury from cybercrime.”
In addition to having added a new Network Analyst III to its IT staff with extensive experience in Department of Defense level encryption and .Mil network security, Kentucky State Treasury has also further separated employee computer information access to ensure that no single individual has complete access to financial processes or information. Kentucky State Treasury has been working with the Commonwealth Office of Technology to perform password security tests, to ensure staffs are consistently changing passwords and all passwords maintain “anti-hacking” standards.
||Cold Case Claims
Frankfort, KY. (June, 2014) –If you’ve had a claim for some unclaimed property that has gone cold because of a lack of proof or documentation, you may soon find an approved claim in your mailbox! Kentucky Treasurer Todd Hollenbach has provided the hard working staff of the Division of Unclaimed Property some new technology that is reviving those “cold case” claims and moving others on a faster track.
Solved! “Cold Case” Claims for Unclaimed Property!Treasurer Hollenbach revives old claims with new technology
“We are using the technology to process and approve old claims that have been held up because of a lack of documentation or evidence provided by the rightful owner to prove the claims,” Treasurer Hollenbach said. “The staff is going through all the old claims from the last three years where a letter was sent to the claimant requesting more information to approve the claim but the additional info was never returned. The Accurint software our staff is now using allows them to match up names, addresses and social security numbers on claims with little or no additional proof to approve the claims for payment.”
The Treasurer estimates these revived “cold case” claims that would otherwise have been discarded after three years for a lack of proper documentation, currently making up about a third of the claims paid each week.
Additionally, the Unclaimed Property staff created in the Treasury database, a list of unclaimed properties that include a social security number. Now, after the claims staff completes their normal daily duties, they are devoting extra time to pro-actively search the list and mail out claim forms to the individuals listed using the Accurint technology. “These individuals have NOT contacted us,” the Treasurer added, “We are searching for them!
The initiatives are part of Treasurer Hollenbach’s innovative Treasure Finders “120 in 120” project. The Treasurer has set a goal to conduct a Treasure Finders event in all 120 Kentucky Counties and return $120-Million in unclaimed property to the rightful owners. Currently the Treasurer has returned more than $107-million and will be visiting Letcher County and Knott County in the coming weeks as he continues to reach out to every county in Kentucky.
You don’t have to let your claim go “cold”! Find out if you’ve got some unclaimed cash or family valuables coming to you by searching the unclaimed property database at www.MissingMoney.com.
Treasurer Hollenbach Warns of Unclaimed Property Email Scam
Frankfort, KY (August, 2013) – State Treasurer Todd Hollenbach is warning Kentuckians to be on guard against fraudulent emails alleging that they have unclaimed property. A deceptive email is being sent stating that it is from “Regional Auditor, Mrs. Alexis James,” of the National Association of Unclaimed Property Administrators (NAUPA). The message promises the recipient that they have inherited a large sum of money from a deceased relative and more details will be provided once personal information is given. Several weeks ago, Treasurer Hollenbach informed the public that several business firms were attempting to “sell” individuals an unclaimed property search.
“This is far more insidious,” Treasurer Hollenbach stated. “While I previously informed the public that the majority of firms that provide these services work within the law, this email being sent to people is nothing more than a con-artist attempting to steal identities.” (For a copy of entire fraudulent email message visit: http://www.unclaimed.org/uploads/resources/229/fraudulent-unclaimed-property-email-message-2.pdf.)
Treasurer Hollenbach stated that there is no such person who works for NAUPA, nor does the organization notify owners of forgotten or missing funds. Further, the Kentucky State Treasury’s Unclaimed Property Division does not email individuals to inform them of unclaimed funds.
“My Treasure Finders program works with local volunteers who spend time calling members of their community as part of our initiative to return unclaimed property,” Treasurer Hollenbach stated. “I created the Treasure Finders program in Kentucky as a proactive way to reach out and let Kentuckians know about lost money and other assets being held for them by their state treasurer. But we do not send emails as part of that outreach.” Treasurer Hollenbach added that if any individuals receive an email claiming to come from his office, making this or similar assertions, they should contact Kentucky State Treasury directly.
To contact Kentucky State Treasury’s Unclaimed Property Division, call toll free 1-800-465-4722 or securely search for unclaimed property at www.MissingMoney.com
Treasurer Hollenbach Helps Hundreds Find Treasure at Kentucky State Fair!
Over 2000 Claims Initiated at Treasure Finders Booth During 11 day Run!
Frankfort, KY (August, 2012) – From unclaimed treasure of as much as $14-thousand in stock found by a surprised mother of three to a woman who jumped for joy at claiming $14 dollars for an unredeemed gift certificate, those are the kinds of success stories that came out of the Treasure Finders booth at the Kentucky State Fair this past week.
Over 2000 claims valued at more than $350,000 were started by the 11 Kentucky Treasury employees who put in a total of 228 hours of work at the Fair
“The Treasury booth was clearly one of the most popular spots of Main Street Kentucky in the south wing of the Fairgrounds in Louisville,” Kentucky Treasurer Todd Hollenbach said. “We helped fair goers as young as 7 and as old as 93 find their unclaimed property with the oldest property found from as far back as 1953!” Hollenbach added.
The questions most asked by fair goers at the Treasury booth, ‘Is this for real?’ and ‘How much does it cost?’ Of course the answers are ‘Yes it’s real!’ and “The Treasury charges only one dollar of the proceeds from each successfully processed claim over ten dollars.’
The State Treasurer serves as custodian of all property surrendered to the state that is presumed lost or abandoned. Each year, the Kentucky Treasury returns millions of dollars in unclaimed property to Kentucky residents. Since 2008, under the proactive leadership of Treasurer Hollenbach and his Treasure Finders Program, the Treasury has returned a record $ 90-million in unclaimed property.
To find out if you’ve got some unclaimed cash coming to you, search the unclaimed property database at www.KYTreasury.com or if you don’t have access to the internet, you can call Treasury’s Unclaimed Property office toll-free at 800-465-4722.