(Text of Section before amendment by P.A.
489 words·~2 min read·
/il/chapter-765/act-1026/text-of-section-before-amendment-by-p-a-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Text of Section before amendment by P.A. 104-116)
Sec. 15-203. When other tax-deferred account presumed abandoned.
(a)Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of:
(1)the date, if determinable by the holder, specified in the income-tax laws and
regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or
(2)30 years after the date the account was opened.
(b)If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of:
(1)the date of the distribution or attempted distribution of the property;
(2)the date of the required distribution as stated in the plan or trust agreement
governing the plan; or
(3)the date, if determinable by the holder, specified in the income tax laws of the
United States by which distribution of the property must begin in order to avoid a tax penalty.
(Text of Section after amendment by P.A. 104-116)
Sec. 15-203. When other tax-deferred account presumed abandoned.
(a)Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of:
(1)the date, if determinable by the holder, specified in the income-tax laws and
regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or
(2)20 years after the date the account was opened.
(b)If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of:
(1)the date of the distribution or attempted distribution of the property;
(2)the date of the required distribution as stated in the plan or trust agreement
governing the plan; or
(3)the date, if determinable by the holder, specified in the income tax laws of the
United States by which distribution of the property must begin in order to avoid a tax penalty.
(c)In the tenth year after the opening of an account holding property covered by this Section in which the apparent owner has not, within the previous 3 years, indicated an interest under Section 15-210 and that is not otherwise presumed abandoned, the holder shall attempt to contact the apparent owner of the account in a manner substantially similar to the manner in which notice is provided under Section 15-501. The administrator shall adopt rules to implement this subsection.