Bill Status of SB 1264   101st General Assembly

Short Description:  UNCLAIMED PROPERTY-PENSIONS

Senate Sponsors
Sen. Omar Aquino

House Sponsors
(Rep. Robert Martwick)


Last Action  View All Actions

DateChamber Action
  8/23/2019SenatePublic Act . . . . . . . . . 101-0546

Statutes Amended In Order of Appearance
765 ILCS 1026/15-1505 new

Synopsis As Introduced
Amends the Revised Uniform Unclaimed Property Act. Provides that the Act does not apply to any annuity, pension, or benefit funds held in a fiduciary capacity by a retirement system. Provides that property assumed abandoned in an annuity, pension, or benefit fund held in a fiduciary capacity by a retirement system shall be reported by the retirement system to the administrator. Provides that no retirement system shall pay or deliver any annuity, pension, or benefit funds held in a fiduciary capacity to the administrator. Provides, with exceptions, that the provisions are retroactive to January 1, 2018.

House Floor Amendment No. 1
Adds reference to:
765 ILCS 1026/15-1506 new

Replaces everything after the enacting clause. Amends the Revised Uniform Unclaimed Property Act. Provides, with exceptions, that the Act does not apply to any annuity, pension, or benefit fund held in a fiduciary capacity by a retirement system, pension fund, or investment board created under any Article of the Illinois Pension Code. Provides that property presumed abandoned in an annuity, pension, or benefit fund shall be reported by the retirement system, pension fund, or investment board to the administrator. Provides that no retirement system, pension fund, or investment board shall pay or deliver any annuity, pension, or benefit fund to the administrator. Provides, with exceptions, that the provisions are retroactive to January 1, 2018. Provides that a retirement system, pension fund, or investment board created under specified Articles of the Illinois Pension Code shall meet or exceed specified minimum standards for due diligence if an annuity, pension, or benefit fund would otherwise be presumed abandoned. Provides that a retirement system, pension fund, or investment board does not need to engage in due diligence if: the property is no longer presumptively abandoned because an apparent owner responds or otherwise indicates interest in the property in response to the due diligence efforts; or the property has a value of less than $50. Provides that the administrator and each retirement system, pension fund, and investment board shall enter into an interagency agreement concerning the implementation of the compliance provisions.

Actions 
DateChamber Action
  2/6/2019SenateFiled with Secretary by Sen. Omar Aquino
  2/6/2019SenateFirst Reading
  2/6/2019SenateReferred to Assignments
  2/13/2019SenateAssigned to Government Accountability and Ethics
  3/6/2019SenatePostponed - Government Accountability and Ethics
  3/13/2019SenateDo Pass Government Accountability and Ethics; 009-000-000
  3/13/2019SenatePlaced on Calendar Order of 2nd Reading March 14, 2019
  4/5/2019SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Omar Aquino
  4/5/2019SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/9/2019SenateSenate Floor Amendment No. 1 Pursuant to Senate Rule 3-8(b-1), this amendment will remain in the Committee on Assignments.
  4/9/2019SenateSecond Reading
  4/9/2019SenatePlaced on Calendar Order of 3rd Reading April 10, 2019
  4/10/2019SenateThird Reading - Passed; 056-000-001
  4/10/2019SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  4/10/2019HouseArrived in House
  4/10/2019HouseChief House Sponsor Rep. Robert Martwick
  4/10/2019HouseFirst Reading
  4/10/2019HouseReferred to Rules Committee
  4/24/2019HouseAssigned to Revenue & Finance Committee
  5/9/2019HouseDo Pass / Short Debate Revenue & Finance Committee; 015-000-000
  5/9/2019HousePlaced on Calendar 2nd Reading - Short Debate
  5/9/2019HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Robert Martwick
  5/9/2019HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  5/14/2019HouseHouse Floor Amendment No. 1 Rules Refers to Revenue & Finance Committee
  5/16/2019HouseHouse Floor Amendment No. 1 Recommends Be Adopted Revenue & Finance Committee; 014-000-000
  5/21/2019HouseSecond Reading - Short Debate
  5/21/2019HouseHouse Floor Amendment No. 1 Adopted
  5/21/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/24/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019
  5/26/2019HouseThird Reading - Short Debate - Passed 106-000-000
  5/27/2019SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/27/2019SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 28, 2019
  5/27/2019SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Omar Aquino
  5/27/2019SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
  5/28/2019SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Government Accountability and Ethics
  5/28/2019SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Government Accountability and Ethics; 010-000-000
  5/31/2019SenateHouse Floor Amendment No. 1 Senate Concurs 058-000-001
  5/31/2019SenateSenate Concurs
  5/31/2019SenatePassed Both Houses
  6/28/2019SenateSent to the Governor
  8/23/2019SenateGovernor Approved
  8/23/2019SenateEffective Date January 1, 2020
  8/23/2019SenatePublic Act . . . . . . . . . 101-0546

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