                                 CODE OF VIRGINIA

EMPLOYEE BENEFIT TRUST DISTRIBUTION (§ 55.1-2520)

A. All employee benefit trust distributions and any income or other increment
thereon are abandoned to the Commonwealth under the provisions of this chapter
if the owner has not, within 10 years after it became payable, accepted such
distribution, corresponded in writing concerning such 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 such trust or fund is established.

B. An employee benefit trust distribution and any income or other increment
thereon shall not be presumed abandoned to the Commonwealth under the provisions
of this chapter if, at the time such distribution becomes payable to a
participant in an employee benefit plan, (i) such plan contains a provision for
forfeiture or expressly authorizes the trustee to declare a forfeiture of a
distribution to a beneficiary thereof who cannot be found after a period of time
specified in such plan and (ii) the trust or fund established under the plan has
not terminated prior to the date on which such distribution would become
forfeitable in accordance with such provision.

HISTORY: 1981, c. 47, § 55-210.10:1; 2000, cc. 733, 745; 2019, c. 712.