Bill > SB1405

This bill makes a technical, nonsubstantive change to existing California law regarding unclaimed property, specifically concerning distributions from employee benefit plans. Currently, if an owner doesn't claim, correspond about, or show interest in an employee benefit plan distribution within three years of it becoming payable, it can be considered "escheated" to the state, meaning it becomes state property. The bill clarifies the definitions of "fiduciary," which is someone managing money or property for a retirement system or plan, and "administrator," who is the designated person or employer responsible for operating the plan. This change is primarily to update the placement of these definitions within the relevant section of the Code of Civil Procedure, without altering the underlying rules about when such distributions become unclaimed property.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1405