State treasurers urge Trump to expand state role in returning unclaimed retirement checks

North Dakota Treasurer Tom Beadle joined representatives from 18 other states in urging President Donald Trump to broaden the use of state unclaimed-property programs for returning uncashed retirement checks, which exceed $1 billion and increase by roughly $100 million annually. They contend that retirees often miss payments due to outdated contact information, leaving checks unclaimed despite being issued. While a Department of Labor policy enacted in January 2025 allows fiduciaries to send payments of $1,000 or less to state funds, the states say the limit excludes most of the outstanding checks, estimating only about 28 % fall below it.

Beadle highlighted that state systems, such as North Dakota’s Unclaimed Property Division, have already returned millions through thousands of claims and can automatically remit small single-owner assets without requiring claim filings. The officials seek to eliminate the $1,000 ceiling and make state programs a primary destination for unclaimed retirement benefits, arguing that the money already belongs to retirees and should be returned promptly.