Lost & Found

Lost & Found

September 11, 2023

Do you ever wonder what happened to that unclaimed utility bill refund? Or maybe you were supposed to receive a security deposit credited back to you but never ended up receiving it.

According to the state of Iowa Treasurer's Office, millions of dollars in unclaimed property are turned over to their office for safekeeping each year when financial institutions and businesses are unable to locate the owners of the abandoned funds. Examples of unclaimed property include checking and savings accounts, uncashed checks, stocks, bonds, insurance benefits, utility security deposits or even valuables from safe deposit boxes.

Search the site to see if any belong to you at GreatIowaTreasureHunt.gov. It’s easy and free! Many states have similar sites. 

Additionally, section 303 of the Secure 2.0 Act (SECURE 2.0) instructs the Department of Labor (DOL) to "establish the nation’s first government-sponsored lost-and-found database for retirement benefits," according to this Bloomberg Law article. Over the years, many unwitting investors have lost track of former retirement plan accounts after changing jobs. This database will attempt to prevent that from happening going forward. Any ERISA-covered retirement plan sponsor will be required to record and submit any identifying information for participants with outstanding account balances beginning in 2025.

We are in the business of looking out for you. Therefore, if either of these tools helps you to recover accounts or funds that you did not know were missing, we view that as a win. Please contact your advisor today if we can assist in any way. 


Neither LPL Financial, nor its registered representatives, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your own tax or legal counsel for advice.