Pay-for-Performance program achieves record highs in unclaimed property returns

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OKLAHOMA CITY - According to the September 2019 publication of the Oklahoma Economic Report, unclaimed property returns continue to set record highs since FY2014 “thanks to a one-of-a-kind pay-for-performance program and strategic marketing effort.”

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  • Search for unclaimed property at:  www.OKTreasure.com
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OKLAHOMA CITY - According to the September 2019 publication of the Oklahoma Economic Report, unclaimed property returns continue to set record highs since FY2014 “thanks to a one-of-a-kind pay-for-performance program and strategic marketing effort.”

The state treasurer’s unclaimed property division, made up of 23 public employees, is “funded entirely by the unclaimed assets,” which are monies that are remitted to the state but never claimed.

CONSUMER PROTECTION

Every state has a similar program, and the purpose is consumer protection. Businesses that “lose track of people whom they owe money” are required by law to submit the names and last known addresses of the owners to the treasurer’s office.

The unclaimed property program in Oklahoma was established in 1967 under the Oklahoma Tax Commission before being transferred to the treasurer’s office in 2000.

For the first decade under the treasurer’s office, returns grew at an average of 10% per year from $3.7 million to $16 million before stalling in the early 2010s. Ken Miller, the state treasurer, introduced a merit pay system in July 2013 to incentivize the staff to increase the amount returned to Oklahomans.

EMPLOYEES CAN INCREASE PAY

The pay-for-performance system allows employees to increase their annual pay by up to 25% of all goals are achieved. For every $100 returned to Oklahomans, just 22 cents are paid in incentives.

In the six years leading up to the program, $100 million was returned, while over $230 million has been returned in the six years since the new program was established.

Don’t go running to apply for a job just yet - it isn’t just finding money and writing checks. Extensive research is required to ensure the right people are receiving funds, which can include proof of ownership, death certificates, land deeds, and proof of identity before awarding funds.

Fraudulent claims are often received, and it is the division’s job to prove them false.

Current state treasurer Randy McDaniel attributes recent success to innovating the processes and “helping claimants through the process of providing the needed proof of ownership.”

Strategic marketing also has played a role in recent years through the newspaper, television, and internet public service announcements, along with an easy to find and use the website for searching unclaimed property and initiating claims. Search for unclaimed property at:

www.OKTreasure.com