CA SB 1405
in committeeUnclaimed personal property: employee benefit plan distributions.
California · 2025-2026 Regular Session · upper
Description
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 whole or in part, by the federal Employee Retirement Income Security Act of 1974, or any other federal law, the above provisions will be operative in the manner and to the extent allowed pursuant to any federal statute, regulations, or guidance governing this matter that are adopted by the United States Department of Labor. The bill would also provide that if the Controller finds it necessary, the Controller may enter into a multistate collaborative agreement or other contract for the purpose of ensuring that any property delivered to this state that may be subject to the above provisions regarding employee benefit plan distributions complies with federal law.
- Introduced
- 2026-02-20
- Status date
- —
- Latest action
- 2026-06-23 — From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (June 23). Re-referred to Com. on APPR.
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Smallwood-Cuevasauthor
Committees
Not provided by source.
Action timeline
2026-02-20
Introduced. To Com. on RLS. for assignment. To print.
introduction,referral-committee
2026-02-23
From printer. May be acted upon on or after March 23.
2026-02-23
Read first time.
reading-1
2026-03-04
Referred to Com. on RLS.
referral-committee
2026-03-24
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-04-08
Re-referred to Com. on JUD.
referral-committee
2026-04-10
Set for hearing April 21.
2026-04-13
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-04-22
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 13. Noes 0. Page 3980.) (April 21). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2026-04-24
Set for hearing May 4.
2026-05-04
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
committee-passage,reading-1,reading-2
2026-05-05
Read second time. Ordered to consent calendar.
reading-1,reading-2
2026-05-07
Read third time. Passed. (Ayes 36. Noes 0. Page 4167.) Ordered to the Assembly.
passage,reading-1,reading-3
2026-05-07
In Assembly. Read first time. Held at Desk.
reading-1
2026-05-18
Referred to Com. on JUD.
referral-committee
2026-06-23
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (June 23). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
Versions
Documents
Votes
Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar
2026-04-21 · pass · 13-0
Member-level votes (13)
- Reyes: yes
- Ashby: yes
- Durazo: yes
- Laird: yes
- Weber Pierson: yes
- Umberg: yes
- Caballero: yes
- Allen: yes
- Stern: yes
- Wahab: yes
- Wiener: yes
- Niello: yes
- Valladares: yes
Consent Calendar 2nd SB1405 Smallwood-Cuevas
2026-05-07 · pass · 36-0
Member-level votes (40)
- Strickland: yes
- Pérez: yes
- Laird: yes
- Menjivar: yes
- Hurtado: yes
- Arreguín: yes
- McGuire: yes
- Padilla: yes
- Seyarto: yes
- Cabaldon: yes
- Durazo: yes
- Rubio: yes
- Becker: yes
- Ashby: yes
- Weber Pierson: yes
- Dahle: yes
- Archuleta: yes
- Richardson: yes
- Choi: yes
- Cortese: yes
- Wahab: yes
- Valladares: yes
- Limón: yes
- Umberg: yes
- Allen: yes
- Caballero: yes
- Blakespear: yes
- McNerney: yes
- Ochoa Bogh: yes
- Stern: yes
- Smallwood-Cuevas: yes
- Cervantes: yes
- Reyes: yes
- Jones: yes
- Wiener: yes
- Grayson: yes
- Grove: other
- Gonzalez: other
- Alvarado-Gil: other
- Niello: other
Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar
2026-06-23 · pass · 12-0
Member-level votes (12)
- Stefani: yes
- Dixon: yes
- Zbur: yes
- Kalra: yes
- Bauer-Kahan: yes
- Connolly: yes
- Pacheco: yes
- Papan: yes
- Harabedian: yes
- Sanchez: yes
- Bryan: yes
- Macedo: yes
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T01:34:27.960412Z
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