HB2664 101ST GENERAL ASSEMBLY

LRB101 07890 LNS 52945 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2664

Introduced , by Rep. Lamont J. Robinson, Jr.

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Revised Uniform Unclaimed Property Act is amended by adding Section 15-1505 as follows:

(765 ILCS 1026/15-1505 new)

Sec. 15-1505. Application.

(a) Except as provided in this Section, this Act does not apply to any annuity, pension, or benefit funds held in a fiduciary capacity by or on behalf of a retirement system created pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the Illinois Pension Code.

(b) Beginning on the effective date of this amendatory Act of the 101st General Assembly, property presumed abandoned in an annuity, pension, or benefit fund held in a fiduciary capacity by or on behalf of a retirement system created pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the Illinois Pension Code shall be reported by the retirement system to the administrator within the time in subsection (a) of Section 15-403 by providing: (i) the name; (ii) the last known address, if known; (iii) the Social Security number or taxpayer identification number, if known or readily ascertainable; and (iv) the dollar amount.

(c) Notwithstanding any provision of law to the contrary, no retirement system created pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the Illinois Pension Code shall pay or deliver any annuity, pension, or benefit funds held in a fiduciary capacity to the administrator.

(d) For the purposes of this Section, property is presumed abandoned in accordance with Article 2 of this Act.

(e) Except for subsection (b), this Section is operative retroactively to January 1, 2018.