HARRISBURG – Treasurer Stacey Garrity celebrated a new record for the return of unclaimed property. For the first time in its history, the Pennsylvania Treasury returned more than $500 million in two consecutive years. The Treasury also set records for the number of claims paid in a single year and the amount of unclaimed property recovered from holders in a single year.
“Recovering more than $500 million in just two years is extraordinary,” Garrity said. “Every dollar we give back to Pennsylvania families is money they can use to buy groceries, put gas in their cars, pay their rent or mortgage, etc. Our unclaimed property team They continue to do a great job and we are not slowing down.”
A total of $505.7 million was returned in fiscal years 2022-23 and 2023-24, marking the first time in two years that the Treasury Department has returned more than $500 million in unclaimed property. This includes a single-year record of $273.7 million returned in FY22-23 and an additional $232 million returned in FY23-24.
Garrity also highlighted new legislation that will make the state’s unclaimed property program work more effectively.
The 81st Pennsylvania Money Match in 2024 will feature Sen. John DiSanto (R-15) in the Senate and Rep. Ryan Bizarro (D-3) and Rep. Mara Brown (R-9) in the House. I sponsored it. The new law would allow the Treasury Department to automatically repossess single-owner real estate worth up to $500.
“I am proud to partner with Treasury Secretary Garrity on SB 24 (now Act 81 of 2024) to simplify and expedite the process of returning unclaimed property to its rightful owners. We also look forward to the Treasury Department reuniting that money with even more Pennsylvanians in the future,” DiSanto said.
“Treasurer Garrity has reached a return milestone. I look forward to the General Assembly further modernizing the unclaimed property process and putting even more money back into the pockets of Pennsylvanians.” Bizarro he said.
“This milestone reflects our commitment to ensuring all citizens have rightful access to what they own, and we encourage you to check your eligibility,” Brown said. he said. “This is not just a financial opportunity, it’s a chance to reclaim a piece of your history.”
Act 65 of 2024, sponsored by Rep. Joe Silesi (D-146), would allow heirs to collect unclaimed property that belonged to a deceased relative by adding grandchildren, great-grandchildren, nieces, nephews, etc. to the list. It facilitates billing. Of those who can legally claim unclaimed property.
“Thanks to this new law that supports claimants and reduces red tape, we can now reconnect more Pennsylvanians with the money that is rightfully theirs.” Mr. Silesi said. “This will provide new opportunities for those who have previously been turned away from the claims process, ensure more consistency in state inheritance laws, and provide the necessary support for grandchildren, nephews, nieces, grandparents, and other descendants and relatives. Simplified paperwork. We’ve already heard from voters who are relieved by this simplified option, and we’ve heard bipartisan support for the improvements we received to the unclaimed property system to make government work better for the people. Thank you for your support.”
The Treasury also disposed of 220,910 claims in FY23-24, the highest ever for a single year, and received a record amount of unclaimed property from holders in FY23-24, totaling 5. It recovered $39.9 million.
“Receiving unclaimed property from companies that must be reported to the Treasury Department is the first step toward restitution,” Garrity said. “By ensuring that businesses comply with the Unclaimed Property Act, we can return this money to its rightful owners as quickly as possible.”
To see if there is unclaimed property available to you, your business, nonprofit organization, or local government agency, visit patreasury.gov/unclaimed-property. Searching takes less than a minute.
