Montana Code 53-25-102. Purpose
53-25-102. Purpose. (1) It is the intent of the legislature to provide access to a program authorized by section 529A of the Internal Revenue Code, 26 U.S.C. § 529A, to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life and to provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, federal and state medical and disability insurance, a beneficiary‘s employment, and other sources.
Terms Used In Montana Code 53-25-102
- 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 public health and human services provided for in 2-15-2201. See Montana Code 53-25-103
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Program: means the Montana achieving a better life experience program provided for in this chapter and authorized under section 529A of the Internal Revenue Code, 26 U. See Montana Code 53-25-103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The legislature further intends that the department achieve this purpose by:
(a)creating the Montana achieving a better life experience program, which is a public-private partnership using selected financial institutions to serve as depositories for individuals’ savings accounts established pursuant to this chapter; or
[(b) contracting with another state that has a program under section 529A of the Internal Revenue Code, 26 U.S.C. § 529A, and that allows Montana residents to participate in the state’s program].