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| 1 | AMENDMENT TO SENATE BILL 1264
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 1264 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Revised Uniform Unclaimed Property Act is | ||||||
| 5 | amended 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 | ||||||
| 9 | apply to any annuity, pension or benefit funds held in a | ||||||
| 10 | fiduciary capacity by or on behalf of a retirement system, | ||||||
| 11 | pension fund, or investment board created pursuant to any | ||||||
| 12 | Article of the 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, pension fund, | ||||||
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| 1 | or investment board created pursuant to any Article of the | ||||||
| 2 | Illinois Pension Code shall be reported by the retirement | ||||||
| 3 | system, pension fund, or investment board to the administrator | ||||||
| 4 | within the time in subsection (a) of Section 15-403 by | ||||||
| 5 | providing: (i) the name; (ii) the last known address, if known; | ||||||
| 6 | (iii) the Social Security number or taxpayer identification | ||||||
| 7 | number, if known or readily ascertainable; and (iv) the dollar | ||||||
| 8 | amount. | ||||||
| 9 | (c) Notwithstanding any provision of law to the contrary, | ||||||
| 10 | no retirement system, pension fund, or investment board created | ||||||
| 11 | pursuant to any Article of the Illinois Pension Code shall pay | ||||||
| 12 | or deliver any annuity, pension, or benefit funds held in a | ||||||
| 13 | fiduciary capacity to the administrator. | ||||||
| 14 | (d) For the purposes of this Section, property is presumed | ||||||
| 15 | abandoned in accordance with Article 2 of this Act. | ||||||
| 16 | (e) Except for subsection (b), this Section is operative | ||||||
| 17 | retroactively to January 1, 2018.".
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