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(765 ILCS 1025/18)
(from Ch. 141, par. 118)
(Section scheduled to be repealed on January 1, 2018)
Deposit of funds received under the Act.
(a) The State Treasurer shall retain all funds received under this Act,
including the proceeds from
the sale of abandoned property under Section 17, in a trust fund known as the Unclaimed Property Trust Fund. The State Treasurer may deposit any amount in the Unclaimed Property Trust Fund into the State Pensions Fund during the fiscal year at his or her discretion; however, he or she shall,
on April 15 and October 15 of each year, deposit any amount in the Unclaimed Property Trust Fund
exceeding $2,500,000 into the State Pensions Fund. If on either April 15 or October 15, the State Treasurer determines that a balance of $2,500,000 is insufficient for the prompt payment of unclaimed property claims authorized under this Act, the Treasurer may retain more than $2,500,000 in the Unclaimed Property Trust Fund in order to ensure the prompt payment of claims. Beginning in State fiscal year 2019, all amounts that are deposited into the State Pensions Fund from the Unclaimed Property Trust Fund shall be apportioned to the designated retirement systems as provided in subsection (c-6) of Section 8.12 of the State Finance Act to reduce their actuarial reserve deficiencies. He or she shall make prompt payment of claims he or she
duly allows as provided for in this Act for the Unclaimed Property Trust Fund.
Before making the deposit the State Treasurer
shall record the name and last known address of each person appearing from the
holders' reports to be entitled to the abandoned property. The record shall be
available for public inspection during reasonable business
(b) Before making any deposit to the credit of the State Pensions Fund,
the State Treasurer may deduct: (1) any costs in connection with sale of
abandoned property, (2) any costs of mailing and publication in connection with
any abandoned property, and (3) any costs in connection with the maintenance of
records or disposition of claims made pursuant to this Act. The State
Treasurer shall semiannually file an itemized report of all such expenses with
the Legislative Audit Commission.
(Source: P.A. 99-8, eff. 7-9-15; 99-523, eff. 6-30-16; 100-23, eff. 7-6-17. Repealed by P.A. 100-22, eff. 1-1-18.)