New Rhode Island Treasury Program to Return $10 Million to Residents

Payments to be automatically processed during 2017 holiday season.

More than 35,000 Rhode Islanders who have unclaimed property with the state will receive over $10 million due to a new program announced Monday by state Treasurer Seth Magaziner.

The program, known as “Your Money,” allows the Rhode Island Treasury ($8 billion) to acquire the addresses of lucky residents from other agencies such as the Division of Taxation, state retirement system, or Department of Labor and Training to send them checks for unclaimed property they may or may not be aware that they own. Prior to the program, the Treasury only had access to names and Social Security numbers connected with the unclaimed property, which meant individuals had to actively claim property from a Treasury database on their own.

“It’s hard for families to make ends meet, and ever harder when banks, insurance companies, and other corporations fail to send you money that is rightfully yours,” Magaziner said in a statement. “I developed Your Money to make sure as many Rhode Islanders as possible get their missing money back in their pockets where it belongs.”

  According to the Treasury, roughly 20% of Rhode Islanders have unclaimed property waiting for them.

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  “Most people don’t even realize that they have missing money with the state until they check our database. This is Your Money and now thousands of Rhode Islanders will find out they have unclaimed property when they receive a check in their mailbox,” Magaziner said.

Claims will be automatically processed in the 2017 holiday season. Amounts more than $2,000 will undergo an extra layer of review from the agency.

To find out if the state is holding unclaimed property that is rightfully theirs and submit a claim, all Rhode Island residents are encouraged to visit findRImoney.com.

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Paul G. Cellupica Rejoins SEC’s Division of Investment Management

New appointee previously served the Council between 1996 and 2004.

Paul G. Cellupica has been named deputy director of the Securities and Exchange Commission’s (SEC) division of investment management, the agency announced Monday.

Cellupica will serve as a senior advisor to director Dalia Blass, and will oversee a number of the division’s strategic, rulemaking, and industry engagement initiatives. The division regulates investment companies, variable insurance products, and federally registered investment advisers.

“Paul’s extensive experience and knowledge of investor needs, and understanding of how the Commission and its staff operate, will be tremendous assets to the agency during a critical period of change and evolution in the investment management industry,” Blass said in a statement. “He is committed to advancing the SEC’s regulatory priorities in a thoughtful and strategic way, in order to promote the long-term interests of investors.”

Cellupica had previously served with the SEC between 1996 and 2004 in various capacities with the division of investment management and the division of enforcement, including a position as assistant director in the division of investment management from 2001 to 2004.

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Prior to rejoining the SEC, Cellupica was managing director and general counsel for securities law at Teachers Insurance and Annuity Association of America (TIAA), where his responsibilities included legal support for the TIAA-CREF mutual fund complex. 

“It’s a privilege to return to the Commission at a time of great importance for the country’s millions of investors who look to mutual funds and other investment products to help them prepare for retirement and other financial needs,” Cellupica said in a statement. “I am honored and excited to have the opportunity to work with Dalia and all of the other dedicated and talented professionals in the division of investment management and across the agency.”

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