Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0546 [SB1264 Detail]

Text: Latest bill text (Chaptered) [HTML]

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