Illinois Treasurer Michael Frerichs Announces Key Milestone For Unclaimed Property Program
SPRINGFIELD – Illinois’ unclaimed property program reached another historic milestone this month when it paid its 1 millionth claim since 2015, Illinois State Treasurer Michael Frerichs said today. The achievement is even more noteworthy when considering only 500,000 claims were paid between 2003 and 2014. Frerichs became state treasurer in 2015. The dramatic increase is a result of a complete restructuring of the unclaimed property process, especially the addition of electronic claims, eliminating red-tape that slowed small-money claims, and leveraging technology to allow payments to be made without a claim even needing to be filed. “This milestone was achieved because we reimagined the office and used common sense to make it more efficient,” Frerichs said. “As a result, we have returned a record-shattering $1.4 billion to Illinois taxpayers, who richly deserve to keep more of their own money.” Unclaimed property, also known as I-Cash, refers
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