Oregon Bids > Bid Detail

Trust Property Assessment

Agency: State Government of Oregon
Level of Government: State & Local
Category:
  • V - Transportation, Travel and Relocation Services
Opps ID: NBD14273955622404677
Posted Date: Oct 8, 2019
Due Date: Nov 8, 2019
Solicitation No: 170-2217-19
Source:

To access the bid document, please visit the agency's website at below and search by your matched keyword:

http://orpin.oregon.gov/open.d...
Request for Proposal (RFP) Trust Property Assessment
(Prod)
Only Manual Bids Allowed
Issued By
Treasury, Oregon State
350 Winter St NE, STE 100
Salem
350 Winter St NE, STE 100, Salem
Salem, Oregon
97302
Contact Julie A. Hall
Phone 1 (503) 378-2335
Fax
Email j​u​l​i​e​.​h​a​l​l​@​o​s​t​.​s​t​a​t​e​.​o​r​.​u​s​
Opportunity #
170-2217-19
Publish Date & Time
10/08/2019 11:08 AM
Closing Date & Time
11/08/2019 12:00 PM
Time Zone
Pacific Time
Approx. Time Remaining
All dates are mm/dd/yyyy
Issued For
Treasury, Oregon State
350 Winter St NE, STE 100
Salem
350 Winter St NE, STE 100, Salem
Salem, Oregon
97302
Opportunity Comments
The purpose of this solicitation is to select a qualified firm to assess the Trust Property Programs.

The Agency would like to evaluate the current program to determine if there are any legal risks, operational problems, or areas that need improvement with respect to the following processes 1) the State accepting, processing, and protecting unclaimed property and escheated estates, 2) the State returning unclaimed property and estates to rightful property owners, 3) the State accurately recording and maintaining data integrity of property and estates it has in its possession. The Agency would also like a risk assessment of the program's handling of decisions based on legal considerations.
Opportunity Summary
The Trust Property Program (the "Program") has been administered by DSL since 1957. It consists of unclaimed property and escheated estates.

The Program holds custody of abandoned bank accounts, lost securities, uncashed checks, abandoned property, and military medals and insignia. Holders of these assets, such as businesses and financial institutions, must try to identify and contact property owners. If they are unable to connect property with rightful owners, the property holder must remit unclaimed property to DSL. Property Holders generally remit and report on unclaimed property to DSL during October of each year. Tangible personal property is kept by DSL for at least one year before it is auctioned.

The estate program administers estates for people who have died without a will and without known heirs. The program inventories, liquidates, and protects estate assets, searches for heirs and processes estates as the personal representative. If no known heirs are found after 10 years, the liquidated estate assets permanently escheat to the state and become part of the Oregon Common School Fund (CSF).

All intangible unclaimed property and liquidated estate assets are held in the CSF. Unclaimed property in the CSF is held in perpetuity for claim by owners and their heirs.
The unclaimed property program includes 10 full time equivalent employees (FTE) and in FY2018 received and recorded $70 million in unclaimed financial assets and processed more than 14,000 claims valued at a total of $34 million. The program also conducts audits on external entities for compliance with the Uniform Disposition of Unclaimed Property. In FY2017, the program conducted 75 audits.
The Escheated Estates program includes 3 FTE. In FY 2017, the estates program handled 908 cases, averaging 17 per week. As of 30 June 2017, $6.5 million was pending permanent escheat to the CSF.

Both unclaimed property claims and estate inquiries increased significantly in 2018. DSL documented that processing times for basic claims are pushing the statutory limit of 120 days.

Senate Bill 454 passed the 2019 Legislative Session and formally moved the duties and statutory responsibilities of Uniform Disposition of Unclaimed Property Act, unclaimed estates, and escheating funds-- including associated employees, responsibilities, systems, legal obligations, property, and records-- from the Oregon DSL to the Oregon State Treasury. Under the bill, the transition must be completed by July 1, 2021.
Delivery Requirements
Services Only
Payment Terms
Net 30
FOB
(Not Applicable)
Total
Including all charges
US Dollars Only
Trailer Comments
Open Date: October 8, 2019
Close Date: November 8, 2019 Noon PT
Manual & Electronic response must express an interest. Manual response must 1st DOWNLOAD the document. Electronic Response [if allowed] – must express interest; select respond Online & complete response. Instructions can be found in the HELP screens
Control Number: 2084570
Master File: ORPIN-107813-19

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