SB1264 EnrolledLRB101 07891 LNS 52946 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Revised Uniform Unclaimed Property Act is
5amended by adding Sections 15-1505 and 15-1506 as follows:
 
6    (765 ILCS 1026/15-1505 new)
7    Sec. 15-1505. Application.
8    (a) Except as provided in this Section and Section 15-1506,
9this Act does not apply to any annuity, pension, or benefit
10fund held in a fiduciary capacity by or on behalf of a
11retirement system, pension fund, or investment board created
12pursuant to any Article of the Illinois Pension Code.
13    (b) Beginning on the effective date of this amendatory Act
14of the 101st General Assembly, property presumed abandoned in
15an annuity, pension, or benefit fund held in a fiduciary
16capacity by or on behalf of a retirement system, pension fund,
17or investment board created pursuant to any Article of the
18Illinois Pension Code shall be reported by the retirement
19system, pension fund, or investment board to the administrator
20within the time in subsection (a) of Section 15-403 by
21providing: (i) the name of the owner and the names of any
22beneficiaries; (ii) the last known address, if known; (iii) the
23Social Security number or taxpayer identification number, if

 

 

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1known or readily ascertainable; and (iv) the dollar amount.
2    (c) Beginning on the effective date of this amendatory Act
3of the 101st General Assembly, a retirement system, pension
4fund, or investment board created pursuant to Article 3, 4, or
522 of the Illinois Pension Code shall also comply with the
6provisions of Section 15-1506.
7    (d) Notwithstanding any provision of law to the contrary,
8no retirement system, pension fund, or investment board created
9pursuant to any Article of the Illinois Pension Code shall pay
10or deliver any annuity, pension, or benefit fund held in a
11fiduciary capacity to the administrator.
12    (e) For the purposes of this Section and Section 15-1506,
13property is presumed abandoned in accordance with Article 2 of
14this Act.
15    (f) Except for subsections (b) and (c), this Section is
16operative retroactively to January 1, 2018.
 
17    (765 ILCS 1026/15-1506 new)
18    Sec. 15-1506. Compliance provisions.
19    (a) This Section applies only to a retirement system,
20pension fund, or investment board created pursuant to Article
213, 4, or 22 of the Illinois Pension Code.
22    (b) Each retirement system, pension fund, or investment
23board shall meet or exceed the minimum standards for due
24diligence specified in this Section. If an annuity, pension, or
25benefit fund held in a fiduciary capacity by the retirement

 

 

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1system, pension fund, or investment board would otherwise be
2presumed abandoned in accordance with Section 15-202, then the
3retirement system, pension fund, or investment board shall
4engage in the following due diligence:
5        (1) Use mail, telephone, and electronic mail. The
6    retirement system, pension fund, or investment board shall
7    attempt, not less than 90 days before filing the report
8    under subsection (b) of Section 15-1505, to contact the
9    apparent owner using, in any order, first-class United
10    States mail, telephone, and electronic mail. The
11    retirement system, pension fund, or investment board shall
12    use the most current contact information available for the
13    apparent owner. The retirement system, pension fund, or
14    investment board shall use these routine methods in its
15    initial attempts to contact the apparent owner. If the
16    apparent owner does not respond or otherwise indicate
17    interest in the property in response to these routine
18    methods, then the retirement system, pension fund, or
19    investment board shall take the additional due diligence
20    steps outlined in this Section to locate the apparent owner
21    or a beneficiary.
22        (2) Use certified mail. The retirement system, pension
23    fund, or investment board shall send to the apparent owner
24    a notice using certified United States mail not less than
25    60 days before filing the report under subsection (b) of
26    Section 15-1505.

 

 

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1        (3) Check related plan and employer records. The
2    retirement system, pension fund, or investment board shall
3    ask any employer, and any former employer, of the apparent
4    owner and any other retirement system, pension fund, or
5    investment board to search its records for more current
6    contact information for the apparent owner as well as for
7    more current contact information for any beneficiaries.
8    Unless prohibited by law of this State other than this Act,
9    on request of a retirement system, pension fund, or
10    investment board pursuant to this Section, each officer,
11    agency, board, commission, division, and department of
12    this State, body politic and corporate created by this
13    State for a public purpose, and political subdivision of
14    this State shall make its books and records available to
15    the retirement system, pension fund, or investment board
16    and cooperate with such retirement system, pension fund, or
17    investment board to determine the current address of an
18    apparent owner of property covered by Section 15-1505.
19        (4) Attempt to contact designated beneficiaries. The
20    retirement system, pension fund, or investment board shall
21    try to identify and contact any individual that the
22    apparent owner has designated as a beneficiary to find
23    updated contact information for the apparent owner. The
24    retirement system, pension fund, or investment board shall
25    attempt to contact beneficiaries, if any, using, in any
26    order, first-class United States mail, telephone calls,

 

 

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1    and electronic mail if the retirement system, pension fund,
2    or investment board has the relevant contact information
3    for such beneficiaries.
4        (5) Use electronic search tools. The retirement
5    system, pension fund, or investment board shall make
6    reasonable use of Internet search tools that do not charge
7    a fee to search for an apparent owner, including Internet
8    search engines, public record databases, obituaries, and
9    social media.
10        (6) Use additional steps if the property is over
11    $1,000. The retirement system, pension fund, or investment
12    board shall take additional due diligence steps if the
13    apparent owner's property is valued at more than $1,000.
14    Such additional due diligence includes the use of Internet
15    search tools, commercial locator services, credit
16    reporting agencies, information brokers, investigation
17    databases, and analogous services that may involve
18    charges.
19    (c) If the property is no longer presumptively abandoned
20because an apparent owner responds or otherwise indicates
21interest in the property in response to the due diligence
22efforts of the retirement system, pension fund, or investment
23board, then the retirement system, pension fund, or investment
24board does not need to engage in further due diligence.
25    (d) Notwithstanding any provision of this Section to the
26contrary, a retirement system, pension fund, or investment

 

 

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1board does not need to engage in due diligence for property
2with a value of less than $50, and a retirement system, pension
3fund, or investment board does not need to send due diligence
4mail or electronic mail to an address that it knows to be
5invalid.
6    (e) The administrator and each retirement system, pension
7fund, and investment board to which this Section applies shall
8enter into an interagency agreement concerning the
9implementation of this Section. The interagency agreement
10shall specify that the retirement system, pension fund, or
11investment board shall certify at least annually that it meets
12or exceeds the minimum standards for due diligence required by
13this Section.
14    (f) If the United States Department of Labor issues
15guidance or regulations that conflict with this Section, then
16the retirement system, pension fund, or investment board shall
17comply with that guidance or those regulations.