Kennedy wants unclaimed retirement funds sent to states

September 22, 2018 - 12:56 pm

BATON ROUGE, La. (AP) _ U.S. Sen. John Kennedy wants federal officials to release billions in unclaimed retirement benefits to states to try to locate people owed the money.
The Republican senator from Louisiana met with U.S. Labor Secretary Alexander Acosta on Wednesday to pitch his idea. Kennedy's pushing for the uncashed and undistributed retirement benefits to be returned to their rightful owners through states' unclaimed property programs.
Kennedy administered Louisiana's unclaimed property program when he was state treasurer. He says states already have the staff and organizations in place to locate people owed money from old savings and checking accounts, payroll checks and other items.
Kennedy says for the federal government to administer such a return program for unclaimed retirement benefits would require the establishment of new infrastructure. He calls it an unnecessary expansion of bureaucracy. 

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