# 74 Ill. Adm. Code 7600.760.200: Section 760.200 Tax-Deferred and Tax-Exempt Accounts > Illinois · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P7600_S760_200 ## Section - **Citation:** 74 Ill. Adm. Code 7600.760.200 - **Heading:** Section 760.200 Tax-Deferred and Tax-Exempt Accounts - **Jurisdiction:** Illinois - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Illinois Administrative Code / Title 74 / / Part 7600 / Section 760.200 Tax-Deferred and Tax-Exempt Accounts ## Text TITLE 74: PUBLIC FINANCE CHAPTER V: TREASURER PART 760 REVISED UNIFORM UNCLAIMED PROPERTY ACT SECTION 760.200 TAX-DEFERRED AND TAX-EXEMPT ACCOUNTS Section 760.200  Tax-Deferred and Tax-Exempt Accounts a)         Sections 15-202 and 15-203 of the Act indicate when "tax deferred" and "tax exempt" accounts are presumptively abandoned. Section 15-202 prescribes the rules for tax deferred and tax exempt retirement accounts and Section 15-203 prescribes the rules for other tax deferred accounts. These rules for tax deferred and tax exempt accounts generally have longer periods of abandonment than accounts covered by Section 15-201 of the Act. b)         A Roth IRA is covered under Section 15-202. c)         In some cases, federal law, specifically ERISA (29 U.S.C. 1001 et seq.), may preempt the Act and prevent reporting and remitting retirement accounts or other property representing a retirement plan asset that would otherwise be reportable under the Act. Concerning ERISA preemption and unclaimed property statutes, see Commonwealth Edison Co. v. Vega , 174 F.3d 870 (7 th Cir. 1999). Nonqualified, government and church plans are not subject to an ERISA preemption, nor are uncashed plan distribution checks issued by a qualified plan that lacks, or has failed to exercise, a forfeiture or other reversionary interest. d)         If a holder is uncertain whether an account qualifies as tax deferred or tax exempt under the Act (i.e., whether the account is covered by Section 15-201 or by Sections 15-202 and 15-203), whether ERISA preempts the Act for a retirement account, or whether an account is covered by Section 15-202 or Section 15-203, the holder may specifically identify the property in a report filed with the administrator or give express notice to the administrator of a potential dispute regarding the property e., whether the account is covered by Section 15-201 or by Sections 15-202 and 15-203), whether ERISA preempts the Act for a retirement account, or whether an account is covered by Section 15-202 or Section 15-203, the holder may specifically identify the property in a report filed with the administrator or give express notice to the administrator of a potential dispute regarding the property. Specifically identifying the property in a report or providing express notice to the administrator both ensures that the property will be covered by the limitations period of Section 15-610 of the Act and demonstrates that the holder is attempting to comply with the Act in good faith and without negligence. Specifically identifying the property in a report filed with the administrator indicating that the property is not being remitted because ERISA preemption allows a holder to satisfy both its fiduciary obligation under ERISA, which would generally prohibit remitting the property to the administrator, and any obligation under the Act. e)         Pursuant to Section 15-405 of the Act (property reportable and payable or deliverable absent owner demand provision) and Section 15-610(a) of the Act (anti-limitations provision) a nonqualified plan or plan not otherwise subject to preemption under ERISA is prohibited from forfeiting an account or other property. f)         The administrator will accept missing participants' account balances reported and remitted by an ERISA plan fiduciary for a terminated defined contribution plan. See United States Department of Labor Field Assistance Bulletin No. 2014-01 (available at www.dol.gov/agencies/ebsa/employers-and-advisers/guidance/field-assistance-bulletins), which indicates that, despite the ERISA preemption for ongoing plans, a plan fiduciary may report and remit "missing participants' account balances under a state's unclaimed property statute to complete the plan termination process" tes Department of Labor Field Assistance Bulletin No. 2014-01 (available at www.dol.gov/agencies/ebsa/employers-and-advisers/guidance/field-assistance-bulletins), which indicates that, despite the ERISA preemption for ongoing plans, a plan fiduciary may report and remit "missing participants' account balances under a state's unclaimed property statute to complete the plan termination process". g)         Additional outreach for non-retirement, long-term, tax-deferred and tax-exempt accounts: 1)         In the tenth year after the opening of an account holding property covered by Section 15-203 of the Act in which the apparent owner has not, within the previous three years, indicated an interest under Section 15-210 of the Act and the account 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 of the Act. 2)         This additional outreach is not a replacement for the due diligence notice requirement under Section 15-501 of the Act and Section 760.460 of this Part. 3)         The purpose of this additional holder outreach is to ensure that the apparent owner is both alive and aware of the account. If the owner of the account is deceased, then the provisions of Section 15-203(b) of the Act apply. 4)         If the apparent owner of the account indicates interest in the account as defined in Section 760.300 of this Part, the holder does not need to make any additional outreach to the apparent owner. 5)         For accounts valued at $50 or more, the holder shall attempt to contact the apparent owner. A)        The holder may initially attempt to contact the apparent owner using the U.S. Mail, e-mail, telephone, or an in-person visit ndicates interest in the account as defined in Section 760.300 of this Part, the holder does not need to make any additional outreach to the apparent owner. 5)         For accounts valued at $50 or more, the holder shall attempt to contact the apparent owner. A)        The holder may initially attempt to contact the apparent owner using the U.S. Mail, e-mail, telephone, or an in-person visit. B)        If the initial attempt to contact the apparent owner does not result in apparent owner interest, as defined in Section 760.300 of this Part, the holder should attempt a different method of contacting the apparent owner. C)        To the extent not otherwise prohibited by other laws, the holder may: i)          use electronic search tools to find more up-to-date contact information for the apparent owner, and ii)         attempt to contact individuals that the apparent owner designated as a beneficiary or contingent beneficiary (e.g., spouse, children) to find updated contact information for the apparent owner. D)        The holder shall send notice by certified U.S. Mail to the apparent owner if: i)          the value of the account is more than $1,000, ii)         other attempts at contact have not resulted in apparent owner interest, as defined in Section 760.300 of this Part, and iii)        the holder has in its records an address for the apparent owner that the holder's records do not disclose to be invalid and is sufficient to direct the delivery of U.S. Mail to the apparent owner. 6)         After at least two attempts to contact the apparent owner which do not result in apparent owner interest, as defined in Section 760.300 of this Part, the holder may report and pay or deliver the property in the account to the administrator pursuant to Section 15-608(b) of the Act and Section 760.430 of this Part. No additional consent from the administrator is required to report and pay or deliver the property under this Section t the apparent owner which do not result in apparent owner interest, as defined in Section 760.300 of this Part, the holder may report and pay or deliver the property in the account to the administrator pursuant to Section 15-608(b) of the Act and Section 760.430 of this Part. No additional consent from the administrator is required to report and pay or deliver the property under this Section. The payment or delivery of the property to the administrator pursuant to this Section is considered to have been made in good faith. On payment or delivery of the property to the administrator, the property is presumed abandoned. ## Nearby sections - [74 Ill. Adm. Code 7600.760.200 Section 760.200 Tax-Deferred and Tax-Exempt Accounts](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P7600_S760_200.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P7600_S760_200. Check the current official text before relying on it. Not legal advice.