Augusta, ME: Treasurer Henry E. M. Beck released the following information related to his 6 years in office. Treasurer Beck assumed office in January 2019 and was re-elected twice by the Legislature. Data and accomplishments are summarized below with supporting information enclosed.
- Maine’s credit rating was upgraded by Moody’s from Aa2 to Aa1 in 2024, which will reduce borrowing costs and signal Maine’s economic strength.
- Treasurer Beck’s management of the Treasurer’s Cash Pool yielded over $432.2 million in investment earnings from January 2019-November 2024 with December earnings still pending. Cash pool earnings support vital services paid for by the General Fund.
- From January 2019-November 2024, the Treasurer’s Office returned over $123.1 million in unclaimed funds to over 300,000 Maine people, businesses, nonprofits and local governmental entities. Unclaimed funds consist of abandoned property such as bank accounts, payroll checks, and insurance refunds. Under Treasurer Beck, Maine’s Unclaimed Property program provided over $87.3 million to the General Fund to support state operations and services.
- Treasurer Beck’s management of $83 million in special state trust funds has provided over $7.6 million in direct support to state parks, Maine schools, persons under care at Riverview and many other beneficiaries.
- Thanks to the MERIT program supported and developed by Treasurer Beck, over 11,000 Maine workers now have access to private retirement accounts. Thanks to the Maine ABLE program launched and overseen by Treasurer Beck and administer by Bangor Savings Bank, over 1,400 Mainers who live with disabilities can now save for life expenses without being penalized.
- Thanks to Treasurer Beck’s efforts, a 2011 law was finally implemented to place over $150 million in a forever protected investment trust to assist Maine’s retired teachers.
Treasurer Beck commented: “It has been an honor of a lifetime working for all Maine people as Treasurer. I urge policymakers to continue to support policies that maintain Maine’s strong fiscal position and maintain programs that empower all Maine people to be financially secure. I know that Rep. Joe Perry’s business acumen and deep institutional knowledge and relationships will help him succeed as the next Maine State Treasurer.”
Credit Rating Of particular note is the State of Maine’s credit rating. For six years, Treasurer Beck has managed Maine’s relationships with credit agencies and the capital markets. In 2024, the premiere rating agency, Moody’s, upgraded Maine’s credit rating from Aa2 to Aa1, their second highest possible rating. Moody’s either reaffirmed or increased Maine’s credit ratings every year during Treasurer Beck’s tenure.
The State of Maine Cash Pool represents investments permissible by Maine Statute: Title 5: Administrative Procedures and Services, Part 1: State Departments, Chapter 7: Treasurer of State, Section 135, and consists of excess money in the State Treasury that is 'not needed to meet current obligations'. The State funds and funds of component units of the State are pooled and invested by the Treasurer's Office; generally most securities are held to maturity or called when the par value of the security is received. During Treasurer Beck’s tenure, cash pool earnings went from an average rate of 2.07% to 4.67%, with total earnings during that timeframe of $432,232,451.14.
The Budget Stabilization Fund (sometimes referred to as the Rainy Day Fund) was created in 2003.
The Budget Stabilization Fund acts as the State of Maine’s savings account. It is a reserve balance that is set aside in good economic times to protect the state budget from the volatile changes in revenues that can occur when the economy unexpectedly slows. The goal of the Fund is to reduce the effect on the operation and services of state government and prevent policymakers from increasing taxes during sudden economic downturns.
Trusts The Treasurer's Office serves as safekeeping agent for a variety of State Agency deposits and private purpose trust funds. In addition to what is presented in the addendum attached here, the Treasurer's Office maintains records for 'non-cash' deposits on behalf of state agencies, including surety bonds and letters of credit. The three (3) investment objectives for the State Held Trusts are:
1. To provide reasonable capital preservation of the portfolio assets.
2. To provide reasonable long-term growth of the portfolio assets.
3. To provide for semi-annual disbursements when possible.
Trust fund distributions by year:
Unclaimed Property consists of money and other financial assets that are considered lost or abandoned when an owner cannot be located after a specified period of time of inactivity. It includes items such as bank accounts, uncashed checks, life insurance policies, unpaid wages, stocks and dividends, refunds, and safe deposit box contents. Unclaimed Property does not include real estate, animals or vehicles.
Each and every year, tens of millions of dollars go unclaimed by Maine residents. These financial assets are turned over by thousands of national and local businesses and organizations by a law called MRSA Title 33, Chapter 45: Maine Revised Unclaimed Property Act. http://legislature.maine.gov/statutes/33/title33ch45sec0.html. The Treasurer’s office holds these assets, free of charge, until claimed by the owner or heir. The State is currently holding approximately $358,000,000 in unclaimed property.
- Unclaimed property returned, January 2019-November 2024 - $123,158,511.00 on 315,248 claims.
- Largest claim during tenure - $1,356,594 (representing retirement portfolio) and one pending for $6.8 million (representing trust distribution funds)
- Online auctions to liquidate safekeeping resulting in over $150,000 in proceeds for claimants
The General Fund is the primary operating fund of Maine State Government. It receives revenue from general state revenue sources not otherwise accounted for in another fund. The largest sources of revenue are from the Individual Income Tax, Sales and Use Tax, Cigarette Tax and Corporate Income Tax.
Treasurer Henry Beck will be replaced by Representative Joseph Perry, who currently represents House District 24. Perry’s nomination by the Maine Legislature as Maine’s next treasurer will necessitate a special election to fill his House seat. Treasurer Perry will be sworn in in early January, 2025 as Maine Treasurer.
About Treasurer Beck: In 2018, Henry Beck was elected by a Joint Convention of the House and Senate as State Treasurer. In 2008, he was elected to the Maine House of Representatives representing parts of Waterville and Oakland during his senior year at Colby College. In the Legislature, he was appointed House Chair of the Joint Standing Committee on Insurance and Financial Services, and served on the 2011 Commission to Apportion Maine's Congressional Districts.
Treasurer Beck is a graduate of the University of Maine School of Law and holds an MBA from the Leonard Stern School of Business at New York University. Beck worked as an attorney at McKee Law before returning to public service as Treasurer.
Treasurer Beck's family came to central Maine nearly one hundred years ago and started a roofing company that is still operating. He is not the first Treasurer with Waterville roots, serving after Treasurers Sam Shapiro, David G. Lemoine, and Bruce L. Poliquin. Treasurer Beck is a George J. Mitchell Scholar.
About the Office of the Treasurer: The Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine. The core duties of the Treasurer’s Office are debt management, cash management, trust fund administration and unclaimed property administration. Other major tasks assigned to the Treasurer are directorships on many of Maine’s quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.
About MERIT: The Maine Retirement Investment Trust was created by the Maine Legislature in An Act to Promote Individual Retirement Savings through a Public-Private Partnership in recognition of the benefits to both the State and residents of the State in establishing retirement savings accounts. The MERIT Board is establishing a workplace retirement savings program for employees who do not otherwise have access to a retirement savings plan through their employer. Employees will be automatically enrolled in a Roth IRA Account. Once enrolled, the account will be funded from an employee’s wages unless the employee opts out.
About ABLE ME: The ABLE ME Program is established and maintained by the Maine State Treasurer in accordance with Applicable Law and administered by Bangor Savings Bank. The ABLE ME Program (also referred to as “ABLE ME”) is designed to help eligible individuals with disabilities save for certain qualified disability expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as Supplemental Security Income and Medicaid. The ABLE ME Program is intended to operate as a qualified ABLE program, pursuant to Internal Revenue Code Section 529A, that was adopted as part of The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014, as amended. This federal law authorizes states and state instrumentalities, such as the Maine State Treasurer, to establish and maintain qualified ABLE programs.
