Montana Code 2-18-1304. Statewide employee welfare benefit plan established — health care expense trust accounts — investment of funds — account access — administrative expenses
2-18-1304. Statewide employee welfare benefit plan established — health care expense trust accounts — investment of funds — account access — administrative expenses. (1) The department shall establish, through contracted services, a plan under a tax-exempt entity that qualifies as a voluntary employees’ beneficiary association trust pursuant to section 501(c)(9) of the Internal Revenue Code, 26 U.S.C. § 501(c)(9). The plan must provide participants with individual health care expense trust accounts to pay qualified health care expenses.
Terms Used In Montana Code 2-18-1304
- account: means an account established for the payment of qualified health care expenses under the plan. See Montana Code 2-18-1303
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the department of administration established in 2-15-1001. See Montana Code 2-18-1303
- Employee: means a person employed by an employer. See Montana Code 2-18-1303
- Participant: means a member who terminates employment and for whom an account is established. See Montana Code 2-18-1303
- Plan: means the employee welfare benefit plan established under section 501(c)(9) of the Internal Revenue Code, 26 U. See Montana Code 2-18-1303
- Qualified health care expenses: means expenses paid by a participant for medical care, as defined by 26 U. See Montana Code 2-18-1303
(2)The department shall determine what investment vehicles will be offered to plan participants. Each plan participant is entitled to direct the investment of funds in the participant’s account among the investment vehicles offered. The department shall provide for a default investment vehicle if a participant fails to direct how funds are to be invested.
(3)At any time after a participant’s account has been established, the participant may access funds in the account in a manner prescribed by the department. The funds may be accessed only for the payment of qualified health care expenses and until the funds have been exhausted.
(4)Administrative expenses must be paid by the plan in a manner prescribed by the department.