SB 1405: Unclaimed personal property: employee benefit plan distributions.

<blockquote> The bill amends California's Code of Civil Procedure, Section 1521, concerning unclaimed personal property from employee benefit plans. It requires an additional condition for a distribution to avoid escheatment: the distribution must have been subject to a forfeiture that has not been reversed by the plan. The bill also provides that if federal law preempts these provisions, they will be operative in accordance with any U.S. Department of Labor regulations or guidance. Additionally, it allows the state controller to enter into multistate agreements or contracts to ensure compliance with federal law for property delivered to California under these provisions. </blockquote>