101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1264
 
Introduced 2/6/2019, by Sen. Omar Aquino
 
SYNOPSIS AS INTRODUCED:
 

 
765 ILCS 1026/15-1505 new

     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.
  


LRB101 07891 LNS 52946 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
SB1264LRB101 07891 LNS 52946 b


  
1    AN ACT concerning civil law.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Revised Uniform Unclaimed Property Act is 
5amended by adding Section 15-1505 as follows:
 
6    (765 ILCS 1026/15-1505 new)
7    Sec. 15-1505. Application.
8    (a) Except as provided in this Section, this Act does not 
9apply to any annuity, pension, or benefit funds held in a 
10fiduciary capacity by or on behalf of a retirement system 
11created pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the 
12Illinois Pension Code.
13    (b) Beginning on the effective date of this amendatory Act 
14of the 101st General Assembly, property presumed abandoned in 
15an annuity, pension, or benefit fund held in a fiduciary 
16capacity by or on behalf of a retirement system created 
17pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the Illinois 
18Pension Code shall be reported by the retirement system to the 
19administrator within the time in subsection (a) of Section 
2015-403 by providing: (i) the name; (ii) the last known address, 
21if known; (iii) the Social Security number or taxpayer 
22identification number, if known or readily ascertainable; and 
23(iv) the dollar amount.
 
 
SB1264- 2 -LRB101 07891 LNS 52946 b

1    (c) Notwithstanding any provision of law to the contrary, 
2no retirement system created pursuant to Article 2, 7, 14, 15, 
316, 17, or 18 of the Illinois Pension Code shall pay or deliver 
4any annuity, pension, or benefit funds held in a fiduciary 
5capacity to the administrator.
6    (d) For the purposes of this Section, property is presumed 
7abandoned in accordance with Article 2 of this Act.
8    (e) Except for subsection (b), this Section is operative 
9retroactively to January 1, 2018.
  

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