Illinois Slashes Payroll Dormancy to 1 Yearby Tracey Reid on 08/15/11
August 8, 2012, the Governor of Illinois signed Illinois H.B. 1560
which amends their Uniform Disposition of Unclaimed Property Act to give ALL unclaimed wages, payroll, and salary in any form, will be reportable after 1 YEAR. This is a deep reduction from the former 5 year dormancy for this property type. There has been some confusion that this bill ONLY affected financial institutions because of the bill's language, but the final law affects ALL types of wages and wage-like property issued by ALL types of businesses! While the bill is effective immediately, you won't feel the impact until next Spring, unless, of course, you are an insurance company and file this Fall. You insurance companies out there need to get all of your due diligence letters in the mail ASAP! 5 years worth will certainly take longer to do than the typical one year we deal with each reporting season! If you have any questions, let us know! We'd be happy to help! Now, back to stuffing envelopes......