Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart C - REPORTING
Section 760.405 - Reporting and Remitting by Pension Systems Subject to Section 15-1506 of the Act

Universal Citation: 74 IL Admin Code ยง 760.405

Current through Register Vol. 48, No. 38, September 20, 2024

a) All retirement systems, pension funds, and investment boards created pursuant to Article 3, 4, or 22 of the Illinois Pension Code (Police, Firefighters' and Miscellaneous Collateral Provisions) must report abandoned property to the administrator.

b) The report must include:

1) Name of the owner and the names of any beneficiaries;

2) Last known address, if known, of owner and beneficiaries, if any;

3) Social Security number or taxpayer identification number of owner and beneficiaries, if any; and

4) Dollar amount.

c) All retirement systems, pension funds, and investment boards created pursuant to Article 3, 4, or 22 of the Illinois Pension Code shall engage in the following due diligence for presumptively abandoned property with a value of $50 or more:

1) Attempt to contact the apparent owner not less than 90 days before the filing of the report with the administrator, using first-class U.S. Mail, telephone, and email;

2) Send a notice to the apparent owner, not less than 60 days before filing the report with the administrator, using certified U.S. Mail;

3) Check related plan and employer records for more current contact information for the apparent owner, as well as for more current contact information for any beneficiaries;

4) Attempt to contact designated beneficiaries to find updated contact information for the apparent owner;

5) Make reasonable use of free internet search tools to search for an apparent owner; and

6) Conduct additional due diligence, such as the use of internet search tools, commercial locator services, credit reporting agencies, information brokers, investigation databases, and analogous services that may involve charges if the property is valued over $1,000.

d) A retirement system, pension fund, or investment board subject to this Section does not need to send due diligence mail or email to an address that it knows to be invalid.

e) The due diligence requirements of this Section follow the U.S. Department of Labor Employee Benefits Security Administration's Field Assistance Bulletin No. 2014-01. If the U.S. Department of Labor issues subsequent guidance or regulations that require additional due diligence or otherwise conflict with this Section, this subsection will be amended accordingly.

f) All retirement systems, pension funds, and investment boards created pursuant to Article 3, 4, or 22 of the Illinois Pension Code shall enter into an interagency agreement with the administrator concerning the due diligence and reporting requirements of this Section. The interagency agreement shall require an annual certification that the retirement system, pension fund, or investment board meets or exceeds the due diligence requirements of this Section.

g) If a retirement system, pension fund, or investment board created pursuant to Article 3, 4, or 22 of the Illinois Pension Code satisfies the due diligence and certification requirements of Section 15-1506 of the Act, then that retirement system, pension fund, or investment board shall report presumptively abandoned property in an annuity, pension, or benefit fund held in a fiduciary capacity by or on behalf of that retirement system, pension fund, or investment board (see subsections (a) and (b)), but is not required to remit presumptively abandoned property to the administrator.

h) If a retirement system, pension fund, or investment board created pursuant to Article 3, 4, or 22 of the Illinois Pension Code does not meet the due diligence and certification requirements of Section 15-1506 of the Act, then that retirement system, pension fund, or investment board is required to both report and remit all presumptively abandoned property, as required by the Act, including presumptively abandoned property in an annuity, pension, or benefit fund held in a fiduciary capacity.

i) A retirement system, pension fund, or investment board created pursuant to Article 3, 4, or 22 of the Illinois Pension Code is still required to report and remit to the administrator all other presumptively abandoned property that is not in an annuity, pension, or benefit fund held in a fiduciary capacity.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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