Kennedy wants unclaimed retirement funds sent to states
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 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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Fans return to Tiger Stadium for LSU's first home game
Fans find a way to tailgate for LSU's first football game during...
Baton Rouge Zoo to begin first phase of $30M renovations; includes new...
Zachary football starts season by honoring Remy Hidalgo at scrimmage
LSU fans preserve tailgating traditions from home as season begins