Sec. 15-1505. Application.

298 words·~1 min read·/il/chapter-765/act-1026/15-1505·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as provided in this Section and Section 15-1506, this Act does not apply to any annuity, pension, or benefit fund held in a fiduciary capacity by or on behalf of a retirement system, pension fund, or investment board created pursuant to any Article of the Illinois Pension Code.

(b)Beginning on the effective date of this amendatory Act of the 101st General Assembly, property presumed abandoned in an annuity, pension, or benefit fund held in a fiduciary capacity by or on behalf of a retirement system, pension fund, or investment board created pursuant to any Article of the Illinois Pension Code shall be reported by the retirement system, pension fund, or investment board to the administrator within the time in subsection

(a)of Section 15-403 by providing:

(i)the name of the owner and the names of any beneficiaries;

(ii)the last known address, if known;

(iii)the Social Security number or taxpayer identification number, if known or readily ascertainable; and

(iv)the dollar amount.

(c)Beginning on the effective date of this amendatory Act of the 101st General Assembly, a retirement system, pension fund, or investment board created pursuant to Article 3, 4, or 22 of the Illinois Pension Code shall also comply with the provisions of Section 15-1506.

(d)Notwithstanding any provision of law to the contrary, no retirement system, pension fund, or investment board created pursuant to any Article of the Illinois Pension Code shall pay or deliver any annuity, pension, or benefit fund held in a fiduciary capacity to the administrator.

(e)For the purposes of this Section and Section 15-1506, property is presumed abandoned in accordance with Article 2 of this Act.

(f)Except for subsections

(b)and (c), this Section is operative retroactively to January 1, 2018.