State Treasurer calls for trust fund
Ponca City Now - December 5, 2014 10:28 am
OKLAHOMA CITY (AP) – Oklahoma state Treasurer Ken Miller is calling on the Legislature to consider creating a trust fund using unclaimed property – similar to the state’s Tobacco Settlement Endowment Trust Fund.
Unclaimed property is typically money such as stocks, bonds, life insurance policies, and even uncashed paychecks that haven’t been claimed by the owner and are turned over to the state until the owner comes forward.
Miller said Friday that collections have varied between $18 million and $70 million per year and state lawmakers have taken about $230 million from it for budget needs during the past six years.
He says if the money is placed in an endowed trust at an estimated 8 percent growth rate over 15 years it would generate about $1.1 billion with the earnings providing about $58 million a year for legislative use.