South Dakota voters appear to approve Amendment K for unclaimed property money

If you voted Tuesday, you weighed in on this one. South Dakota voters appeared to approve Amendment K, which puts the state's unclaimed property trust fund under the state Investment Council. With 87% of the votes counted by about 1:15 a.m. Central on Wednesday, 61% were in favor and 39% against.

Unclaimed property goes to the state after three years if holders can't find the owners. The council will invest the money for higher returns, like it does for the retirement system and other trust funds. In the pro statement he wrote, Treasurer Josh Haeder said the money now sits in a temporary fund earning 3% to 4% a year, and the council would raise that to 7% to 8%.

• Counts as unclaimed: bank accounts, stocks, life insurance payouts, uncashed checks
• Owners or heirs can claim money at any time
• Legislature sent it to voters by a unanimous vote

Sen. Taffy Howard, R-Rapid City, sponsored the bill. “I’m just happy to see that it’s passing easily,” Howard said Tuesday evening. No committees formed to raise or spend money for or against the question. Many voters still waited until Election Day to vote in person, even though South Dakota has one of the longest early voting periods in the country.