Full Text of HB2664 101st General Assembly
HB2664 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 HB2664 Introduced , by Rep. Lamont J. Robinson, Jr. SYNOPSIS AS INTRODUCED: |
| 765 ILCS 1026/15-1505 new | |
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Amends the Revised Uniform Unclaimed Property Act. Provides that the Act does not apply to any annuity, pension, or benefit funds held in a fiduciary capacity by a retirement system. Provides that property assumed abandoned in an annuity, pension, or benefit fund held in a fiduciary capacity by a retirement system shall be reported by the retirement system to the administrator. Provides that no retirement system shall pay or deliver any annuity, pension, or benefit funds held in a fiduciary capacity to the administrator. Provides, with exceptions, that the provisions are retroactive to January 1, 2018.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | | HB2664 | | LRB101 07890 LNS 52945 b |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 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 | | created pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the | 12 | | 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 created | 17 | | pursuant to Article 2, 7, 14, 15, 16, 17, or 18 of the Illinois | 18 | | Pension Code shall be reported by the retirement system to the | 19 | | administrator within the time in subsection (a) of Section | 20 | | 15-403 by providing: (i) the name; (ii) the last known address, | 21 | | if known; (iii) the Social Security number or taxpayer | 22 | | identification number, if known or readily ascertainable; and | 23 | | (iv) the dollar amount. |
| | | HB2664 | - 2 - | LRB101 07890 LNS 52945 b |
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| 1 | | (c) Notwithstanding any provision of law to the contrary, | 2 | | no retirement system created pursuant to Article 2, 7, 14, 15, | 3 | | 16, 17, or 18 of the Illinois Pension Code shall pay or deliver | 4 | | any annuity, pension, or benefit funds held in a fiduciary | 5 | | capacity to the administrator. | 6 | | (d) For the purposes of this Section, property is presumed | 7 | | abandoned in accordance with Article 2 of this Act. | 8 | | (e) Except for subsection (b), this Section is operative | 9 | | retroactively to January 1, 2018.
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