California legislation · 2025-2026 Regular Session
California SB1405: Unclaimed personal property: employee benefit plan distributions.
Status: Chaptered, September 27, 2026
What the bill says
An act to amend Section 1521 of the Code of Civil Procedure, relating to unclaimed property. unclaimed property Unclaimed personal property: employee benefit plan distributions…
From the chaptered text, September 27, 2026:
An act to amend Section 1521 of the Code of Civil Procedure, relating to unclaimed property. unclaimed property 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 authorizes the administrator to declare a forfeiture of a distribution to a beneficiary who cannot be found after a period of time specified in the plan, as specified. This bill would establish, as an additional condition for the above exception to apply, the requirement that the distribution have been subject to a forfeiture that has not been reversed by the plan. This bill would also provide that to the extent a court determines the above provisions to be inoperative, preempted, or otherwise limited, in …
Sponsors
- Lola Smallwood-Cuevas (D, SD28) · primary sponsor
Latest actions
- : Chaptered by Secretary of State. Chapter 711, Statutes of 2026.
- : Approved by the Governor.
- : Enrolled and presented to the Governor at 3 p.m.
- : In Senate. Ordered to engrossing and enrolling.
- : Read third time. Passed. (Ayes 74. Noes 0. Page 6208.) Ordered to the Senate.
- : Read third time. Passed. Ordered to the Senate.
- : Ordered to third reading.
- : From consent calendar on motion of Assembly Member Aguiar-Curry.
- : Read second time. Ordered to consent calendar.
- : From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (August 5).
Votes
- SB 1405 Smallwood-Cuevas Senate Third Reading By Harabedian (August 17, 2026): 74 yea, 0 nay, passed
- Do pass. To Consent Calendar. (August 5, 2026): 15 yea, 0 nay, passed
- Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar (June 23, 2026): 12 yea, 0 nay, passed
- Consent Calendar 2nd SB1405 Smallwood-Cuevas (May 7, 2026): 36 yea, 0 nay, passed
- Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar (April 21, 2026): 13 yea, 0 nay, passed
Common questions
- What is SB1405?
- SB1405 is a bill in the California Legislature (2025-2026 Regular Session): Unclaimed personal property: employee benefit plan distributions.
- What does SB1405 do?
- In its own words: An act to amend Section 1521 of the Code of Civil Procedure, relating to unclaimed property. unclaimed property Unclaimed personal property: employee benefit plan distributions…
- What is the status of SB1405?
- Chaptered as of September 27, 2026. Latest action: Chaptered by Secretary of State. Chapter 711, Statutes of 2026. (September 27, 2026).
- Who sponsored SB1405?
- Lola Smallwood-Cuevas (D, SD28).
- Where is the official record for SB1405?
- On the California Legislature website: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202520260SB1405
Source: official California record. Tracked by Delilah, AI for legislation across all 50 states and Congress.