Unclaimed retirement plan payouts stay out of state hands only if actually forfeited
Unclaimed employee benefit plan payouts go to the state after 3 years unless the plan allows forfeiture. Now that exception applies only if the payout was actually forfeited and the plan has not reversed it.
Who it affects
Employee benefit plan administrators and plan members who can't be found
When
This law takes effect on January 1, 2027. California laws take effect on January 1 of the year after they are signed, unless the law says otherwise.
- : Signed into law
- : This law takes effect
Official text
California SB 1405: Unclaimed personal property: employee benefit plan distributions.
On California Legislative Information. The official text is what counts; read it before you act.
Not legal advice. Plain-English summaries to help you find what changes and when. Not legal advice: read the official text, and ask a lawyer about your situation.