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Hello. I will answer your question.
You can retain the money for three years, and attempt to get it to the entitled party during that time. After three years, the unclaimed funds would be sent to the Controller of California.
Here is a link to the web site for more information: http://www.sco.ca.gov/upd.html
My boss has asked me to "show (him) where it says that"... Is that 3 year limit codified somewhere ?
The period of time is confirmed by the Controller, and displayed at the web site I referred to.
I hope that this information has been helpful. Please leave a positive rating for my reply so that I will be credited for my time. Thank you and good luck.
Excellent... Thank you !
Here is another link that cites the law for your boss.