55-210.10:1 - Employee benefit trust distribution - Virginia Statutes

§ 55-210.10:1. Employee benefit trust distribution.

A. All employee benefit trust distributions and any income or other incrementthereon are abandoned to this Commonwealth under the provisions of thischapter if the owner has not, within ten years after it becomes payable,accepted such distribution, corresponded in writing concerning suchdistribution, or otherwise indicated an interest as evidenced by a memorandumor other record on file with the fiduciary of the trust or custodial fund oradministrator of the plan under which such trust or fund is established.

B. An employee benefit trust distribution and any income or other incrementthereon shall not be presumed abandoned to this Commonwealth under theprovisions of this chapter if, at the time such distribution shall becomepayable to a participant in an employee benefit plan, such plan contains aprovision for forfeiture or expressly authorizes the trustee to declare aforfeiture of a distribution to a beneficiary thereof who cannot be foundafter a period of time specified in such plan, and the trust or fundestablished under the plan has not terminated prior to the date on which suchdistribution would become forfeitable in accordance with such provision.

(1981, c. 47; 2000, cc. 733, 745.)