Home > SD 2014 Ballot, South Dakota > SD State Treasurer Rich Sattgast at the Brown County Fair

SD State Treasurer Rich Sattgast at the Brown County Fair

August 22, 2014
SD State Treasurer Rich Sattgast (right) posing with a local conservative at the Brown County Fair. Photo by Ken Santema

SD State Treasurer Rich Sattgast (right) posing with a local conservative at the Brown County Fair. Photo by Ken Santema

To wrap up my candidate chats at the Brown County Fair I will now do a post about the SD State Treasurer Rich Sattgast. Sattgast is seeking re-election this fall and has two challengers. The first challenger is Democrat Denny Pierson of Sioux Falls. And by a strange turn of events earlier this month, the second challenger to Sattgast is myself, Ken Santema, for the Libertarian Party. Even though I am on the ballot for State Treasurer, I will treat this post no differently that I would any other candidate chat I’ve done at the fair. The purpose of these posts is to get information out to voters.

When asked about his top priority Sattgast said he will continue to act responsibly with the public’s money. A large part of the Treasurers job is to receive money for the state and deposit it into investment accounts. In his time as Treasurer, Sattgast’s staff has maintained a one-day turnaround in that process. He will continue to push efficiency in the Treasurers office to ensure that one-day turnaround is maintained. Sattgast will also work hard to keep getting the top rated return on investments that South Dakota currently enjoys. Part of this is done in his position on the Investment Council, which also falls under his department for administrative purposes.

I then turned the conversation over to unclaimed property. Sattgast said his top priority with Unclaimed Property is to education the SD State Legislature about what unclaimed property is, and isn’t. Specifically he tries to ensure that all legislatures understand unclaimed property does not belong to state. Rather unclaimed property “belongs to the people” and is held by the state in a public trust. To that end he wants to maximize getting that money back to the rightful owners.

Recently I have spoken with many South Dakota residents that have unexpectedly had some of their money go to unclaimed property due to being in an ‘inactive account’. This has surprised quite a few residents. Most of these accounts have been some sort of retirement investment that isn’t touched by the user. Sattgast said it is important for people who have such accounts to read their statements. Once a year the financial institute should be sending out a notice asking the account holder to reply. This lets the financial institute know the account is not ‘inactive’. If an account is deemed inactive for three years, then the financial institute must forward the funds from that account to the Unclaimed Property division. Sattgast said the move from five to three years done recently should allow the office to find the rightful owner of the money easier. I’m not so sure, but will wait for a post in the future to deal with that topic.

Since I’m in this race I won’t draw any public conclusions about Sattgast from this interview. But I do respect him for speaking with me. Believe it or not I’ve had a few candidates in other races that have said they will not do interviews with bloggers. Oh well, that’s their loss. Not all political bloggers focus on attacking people…

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