Your Employer May Have Good News From Tennessee Treasury’s Unclaimed Property Program
TENNESSEE — The Tennessee Department of Treasury sends letters you’d like your boss to send you. Employers across Tennessee are receiving letters addressed to many employees who have unclaimed property available to claim.
The Unclaimed Property Program is a consumer protection service from the Tennessee Department of Treasury that works to return missing money to the rightful owner. The program works to proactively locate owners in a variety of ways, including working with the Tennessee Department of Labor and Human Development to match information with employment records to facilitate tracing of individuals with unclaimed property. Each year thousands of letters are sent in bulk through their current employers to owners asking them to deliver the letters to those lacking the money.
Unclaimed property is money given to the state by companies and organizations that have been unable to locate the rightful owners, such as:
The letter sent through employers directs recipients to submit a claim through ClaimItTN.gov. A significant portion of claims are repaid each year through employer support. Around 70% of receivables are paid in just two weeks on average.
“It’s probably hard for most of us to believe we’re missing money, but the 7 million names in our database show it’s happening to many of us,” said State Treasurer David H. Lillard, Jr. “We hope you “We will welcome this letter as we are contacting you to let you know that you have money that belongs in your bank account.”
Letters are also sent from the department to the address given when the property was handed over from the company (owner). If you received a letter, you can verify the information by visiting ClaimItTN.gov.
As of June 30, 2022, over $1.2 billion was waiting to be claimed, and even more missing cash was being turned over by companies over the past fiscal year. Last year, the division returned 50,337 claims totaling $57.6 million in cash to owners or their heirs, corporations and local governments.
