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, except as specified. Existing law defines "fiduciary" and "administrator" for purposes of this provision. This bill would make a nonsubstantive change to this provision.