Peoria Resident Allen Mayer Receives National Award for Unclaimed Property Advocacy
PEORIA – Illinois State Treasurer Michael Frerichs today announced that Peoria resident Allen Mayer was recently awarded the Above and Beyond Award by the Unclaimed Property Professionals Organization (UPPO). Mayer, who serves as Frerichs’ Chief of Staff, was recognized for his work with advocates from the business community in the wake of a major revision to Illinois’ unclaimed property law through the Revised Uniform Unclaimed Property Act (RUUPA).
“This national recognition is well deserved, and I am proud to see Allen’s work acknowledged,” Frerichs said. “Allen has worked tirelessly as a champion of RUUPA, which has modernized unclaimed property laws in Illinois. His hard-work, dedication, and leadership has resulted in a faster, easier, and safer process for Illinois residents to reclaim their lost money and property.”
Mayer oversaw the crafting and passage of the Revised Uniform Unclaimed Property Act in Illinois, the first major rewrite of unclaimed property law by the Illinois General Assembly in more than 50 years. The act expands many of the ways the treasurer can seek to reunite owners with unclaimed property. RUUPA became state law on Jan. 1, 2018.
The Unclaimed Property Professionals Organization recognizes specific state administrators and unclaimed property programs for their excellence. UPPO members nominate candidates and choose the winners from the subsequent slate of nominees. Recipients of the Above and Beyond Award are state administrators or staff persons who have gone above and beyond to assist a holder with compliance efforts.
The Illinois treasurer’s office is the custodian of unclaimed property including lost bank accounts, insurance policy proceeds, and forgotten safe deposit boxes. Items are surrendered after private entities tried for at least five years to locate the owners. Because thousands of items are surrendered each year, residents should check I-Cash every six months. Visit www.illinoistreasurer.gov/ICASH or call 217.785.6998.
About the Illinois Treasurer
As Illinois State Treasurer, Frerichs is the state’s Chief Investment and Banking Officer and actively manages approximately $30 billion. The portfolio includes $13 billion in state funds, $11 billion in college savings plans and $6 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $42 to the state for every $1 spent in operations. Frerichs’ office protects consumers by safeguarding more than $2 billion in unclaimed property, encouraging savings plans for college or trade school, increasing financial education among all ages, assisting people with disabilities save without losing government benefits, and removing barriers to a secure retirement. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.