Sen. Omar Aquino

Filed: 4/5/2019

 

 


 

 


 
10100SB1264sam001LRB101 07891 LNS 59140 a

1
AMENDMENT TO SENATE BILL 1264

2    AMENDMENT NO. ______. Amend Senate Bill 1264 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Revised Uniform Unclaimed Property Act is
5amended 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
9apply to any annuity, pension or benefit funds held in a
10fiduciary capacity by or on behalf of a retirement system,
11pension fund, or investment board created pursuant to any
12Article 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,

 

 

10100SB1264sam001- 2 -LRB101 07891 LNS 59140 a

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