Full Text of SB1264 101st General Assembly
SB1264ham001 101ST GENERAL ASSEMBLY | Rep. Robert Martwick Filed: 5/9/2019
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| 1 | | AMENDMENT TO SENATE BILL 1264
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1264 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Revised Uniform Unclaimed Property Act is | 5 | | amended 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, | 9 | | this Act does not apply to any annuity, pension, or benefit | 10 | | fund held in a fiduciary capacity by or on behalf of a | 11 | | retirement system, pension fund, or investment board created | 12 | | pursuant to any 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 of the owner and the names of any | 6 | | beneficiaries; (ii) the last known address, if known; (iii) the | 7 | | Social Security number or taxpayer identification number, if | 8 | | known or readily ascertainable; and (iv) the dollar amount. | 9 | | (c) Beginning on the effective date of this amendatory Act | 10 | | of the 101st General Assembly, a retirement system, pension | 11 | | fund, or investment board created pursuant to Article 3, 4, or | 12 | | 22 of the Illinois Pension Code shall also comply with the | 13 | | provisions of Section 15-1506. | 14 | | (d) Notwithstanding any provision of law to the contrary, | 15 | | no retirement system, pension fund, or investment board created | 16 | | pursuant to any Article of the Illinois Pension Code shall pay | 17 | | or deliver any annuity, pension, or benefit fund held in a | 18 | | fiduciary capacity to the administrator. | 19 | | (e) For the purposes of this Section and Section 15-1506, | 20 | | property is presumed abandoned in accordance with Article 2 of | 21 | | this Act. | 22 | | (f) Except for subsections (b) and (c), this Section is | 23 | | operative retroactively to January 1, 2018. | 24 | | (765 ILCS 1026/15-1506 new) | 25 | | Sec. 15-1506. Compliance provisions. |
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| 1 | | (a) This Section applies only to a retirement system, | 2 | | pension fund, or investment board created pursuant to Article | 3 | | 3, 4, or 22 of the Illinois Pension Code. | 4 | | (b) Each retirement system, pension fund, or investment | 5 | | board shall meet or exceed the minimum standards for due | 6 | | diligence specified in this Section. If an annuity, pension, or | 7 | | benefit fund held in a fiduciary capacity by the retirement | 8 | | system, pension fund, or investment board would otherwise be | 9 | | presumed abandoned in accordance with Section 15-202, then the | 10 | | retirement system, pension fund, or investment board shall | 11 | | engage in the following due diligence: | 12 | | (1) Use mail, telephone, and electronic mail. The | 13 | | retirement system, pension fund, or investment board shall | 14 | | attempt, not less than 90 days before filing the report | 15 | | under subsection (b) of Section 15-1505, to contact the | 16 | | apparent owner using, in any order, first-class United | 17 | | States mail, telephone, and electronic mail. The | 18 | | retirement system, pension fund, or investment board shall | 19 | | use the most current contact information available for the | 20 | | apparent owner. The retirement system, pension fund, or | 21 | | investment board shall use these routine methods in its | 22 | | initial attempts to contact the apparent owner. If the | 23 | | apparent owner does not respond or otherwise indicate | 24 | | interest in the property in response to these routine | 25 | | methods, then the retirement system, pension fund, or | 26 | | investment board shall take the additional due diligence |
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| 1 | | steps outlined in this Section to locate the apparent owner | 2 | | or a beneficiary. | 3 | | (2) Use certified mail. The retirement system, pension | 4 | | fund, or investment board shall send to the apparent owner | 5 | | a notice using certified United States mail not less than | 6 | | 60 days before filing the report under subsection (b) of | 7 | | Section 15-1505. | 8 | | (3) Check related plan and employer records. The | 9 | | retirement system, pension fund, or investment board shall | 10 | | ask any employer, and any former employer, of the apparent | 11 | | owner and any other retirement system, pension fund, or | 12 | | investment board to search its records for more current | 13 | | contact information for the apparent owner as well as for | 14 | | more current contact information for any beneficiaries. | 15 | | Unless prohibited by law of this State other than this Act, | 16 | | on request of a retirement system, pension fund, or | 17 | | investment board pursuant to this Section, each officer, | 18 | | agency, board, commission, division, and department of | 19 | | this State, body politic and corporate created by this | 20 | | State for a public purpose, and political subdivision of | 21 | | this State shall make its books and records available to | 22 | | the retirement system, pension fund, or investment board | 23 | | and cooperate with such retirement system, pension fund, or | 24 | | investment board to determine the current address of an | 25 | | apparent owner of property covered by Section 15-1505. | 26 | | (4) Attempt to contact designated beneficiaries. The |
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| 1 | | retirement system, pension fund, or investment board shall | 2 | | try to identify and contact any individual that the | 3 | | apparent owner has designated as a beneficiary to find | 4 | | updated contact information for the apparent owner. The | 5 | | retirement system, pension fund, or investment board shall | 6 | | attempt to contact beneficiaries, if any, using, in any | 7 | | order, first-class United States mail, telephone calls, | 8 | | and electronic mail if the retirement system, pension fund, | 9 | | or investment board has the relevant contact information | 10 | | for such beneficiaries. | 11 | | (5) Use electronic search tools. The retirement | 12 | | system, pension fund, or investment board shall make | 13 | | reasonable use of Internet search tools that do not charge | 14 | | a fee to search for an apparent owner, including Internet | 15 | | search engines, public record databases, obituaries, and | 16 | | social media. | 17 | | (6) Use additional steps if the property is over | 18 | | $1,000. The retirement system, pension fund, or investment | 19 | | board shall take additional due diligence steps if the | 20 | | apparent owner's property is valued at more than $1,000. | 21 | | Such additional due diligence includes the use of Internet | 22 | | search tools, commercial locator services, credit | 23 | | reporting agencies, information brokers, investigation | 24 | | databases, and analogous services that may involve | 25 | | charges. | 26 | | (c) If the property is no longer presumptively abandoned |
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| 1 | | because an apparent owner responds or otherwise indicates | 2 | | interest in the property in response to the due diligence | 3 | | efforts of the retirement system, pension fund, or investment | 4 | | board, then the retirement system, pension fund, or investment | 5 | | board does not need to engage in further due diligence. | 6 | | (d) Notwithstanding any provision of this Section to the | 7 | | contrary, a retirement system, pension fund, or investment | 8 | | board does not need to engage in due diligence for property | 9 | | with a value of less than $50, and a retirement system, pension | 10 | | fund, or investment board does not need to send due diligence | 11 | | mail or electronic mail to an address that it knows to be | 12 | | invalid. | 13 | | (e) The administrator and each retirement system, pension | 14 | | fund, and investment board to which this Section applies shall | 15 | | enter into an interagency agreement concerning the | 16 | | implementation of this Section. The interagency agreement | 17 | | shall specify that the retirement system, pension fund, or | 18 | | investment board shall certify at least annually that it meets | 19 | | or exceeds the minimum standards for due diligence required by | 20 | | this Section. | 21 | | (f) If the United States Department of Labor issues | 22 | | guidance or regulations that conflict with this Section, then | 23 | | the retirement system, pension fund, or investment board shall | 24 | | comply with that guidance or those regulations. ".
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