Unclaimed personal property: employee benefit plan distributions.

Under existing law, employee benefit plan distributions and any income or other increment thereon escheats to the state if the owner has not, within 3 years after it becomes payable or distributable, accepted the distribution, corresponded in writing concerning the distribution, or otherwise indicated an interest as evidenced by a memorandum or other record on file with the fiduciary of the trust or custodial fund or administrator of the plan under which the trust or fund is established. Existing law provides for an exception to escheatment if, at the time the distribution becomes payable to a participant in an employee benefit plan, the plan contains a provision for forfeiture or expressly…