Bill Text: IL HB2664 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB2664 Detail]
Download: Illinois-2019-HB2664-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Revised Uniform Unclaimed Property Act is | ||||||||||||||||||||||||
5 | amended by adding Section 15-1505 as follows:
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6 | (765 ILCS 1026/15-1505 new) | ||||||||||||||||||||||||
7 | Sec. 15-1505. Application. | ||||||||||||||||||||||||
8 | (a) Except as provided in this Section, this Act does not | ||||||||||||||||||||||||
9 | apply to any annuity, pension, or benefit funds held in a | ||||||||||||||||||||||||
10 | fiduciary capacity by or on behalf of a retirement system | ||||||||||||||||||||||||
11 | created pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the | ||||||||||||||||||||||||
12 | Illinois Pension Code. | ||||||||||||||||||||||||
13 | (b) Beginning on the effective date of this amendatory Act | ||||||||||||||||||||||||
14 | of the 101st General Assembly, property presumed abandoned in | ||||||||||||||||||||||||
15 | an annuity, pension, or benefit fund held in a fiduciary | ||||||||||||||||||||||||
16 | capacity by or on behalf of a retirement system created | ||||||||||||||||||||||||
17 | pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the Illinois | ||||||||||||||||||||||||
18 | Pension Code shall be reported by the retirement system to the | ||||||||||||||||||||||||
19 | administrator within the time in subsection (a) of Section | ||||||||||||||||||||||||
20 | 15-403 by providing: (i) the name; (ii) the last known address, | ||||||||||||||||||||||||
21 | if known; (iii) the Social Security number or taxpayer | ||||||||||||||||||||||||
22 | identification number, if known or readily ascertainable; and | ||||||||||||||||||||||||
23 | (iv) the dollar amount. |
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1 | (c) Notwithstanding any provision of law to the contrary, | ||||||
2 | no retirement system created pursuant to Article 2, 7, 14, 15, | ||||||
3 | 16, 17, or 18 of the Illinois Pension Code shall pay or deliver | ||||||
4 | any annuity, pension, or benefit funds held in a fiduciary | ||||||
5 | capacity to the administrator. | ||||||
6 | (d) For the purposes of this Section, property is presumed | ||||||
7 | abandoned in accordance with Article 2 of this Act. | ||||||
8 | (e) Except for subsection (b), this Section is operative | ||||||
9 | retroactively to January 1, 2018.
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