Podcast: Supporters of creating a state trust fund for unclaimed property explain Amendment K

South Dakota has collected over $1 billion in unclaimed property over the years, from sources including abandoned cash, stocks, bank accounts and even gold teeth. Much of that money has gone into the state budget, because not all of the rightful owners come forward to claim their property. Yet they could come forward at any time. That’s why lawmakers decided to start putting those assets into a cash-flow fund, and use only the interest to help fund the state’s budget.

To put the money in a trust fund earning higher returns, lawmakers need the approval of South Dakota voters.

The ballot question is part of a legislative package that passed last year. One of the bills, which was signed into law, gradually transitions all unclaimed property money into a cash-flow fund that generates a small amount of interest for the state budget. Amendment K, which is on the Nov. 3 ballot, would put the money in a higher-earning trust fund managed by the state Investment Council, like other funds such as the retirement pool for public employees.

State Treasurer Josh Haeder and state Sen. Taffy Howard, R-Rapid City, joined Searchlight Report to explain their support for the amendment. No organized opposition to the ballot measure has surfaced yet.

Click here to access a transcript for this episode.