Illinois § 15-1505
Full text of Illinois Illinois Compiled Statutes § 15-1505, with citation guidance and answers to common questions.
§ 15-1505.
Application. (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. (Source: P.A. 101-546, eff. 1-1-20.)
Frequently Asked Questions About Illinois § 15-1505
What does Illinois Compiled Statutes § 15-1505 cover?
Section 15-1505 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15-1505?
A common citation format is "Illinois Compiled Statutes § 15-1505" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15-1505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.