Montana Code 53-25-103. Definitions
53-25-103. Definitions. As used in this chapter, the following definitions apply:
Terms Used In Montana Code 53-25-103
- Account: means an eligible participating account established under this chapter by or on behalf of an eligible individual. See Montana Code 53-25-103
- Agent: means one of the following persons acting on behalf of a designated beneficiary:
(a)a person acting under a power of attorney; or
(b)if no person holds a power of attorney, a parent or legal guardian of the designated beneficiary. See Montana Code 53-25-103
- Application: means a form executed by or on behalf of a prospective designated beneficiary to enter into a participating trust agreement and open an account. See Montana Code 53-25-103
- 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
- Committee: means the achieving a better life experience program oversight committee established in 53-25-105. See Montana Code 53-25-103
- Contribution: means a payment to an account for the benefit of a designated beneficiary. See Montana Code 53-25-103
- Department: means the department of public health and human services provided for in 2-15-2201. See Montana Code 53-25-103
- Designated beneficiary: means the eligible individual on whose behalf an account is established. See Montana Code 53-25-103
- Disability certifications: means disability certifications as defined in section 529A(e)(2) of the Internal Revenue Code, 26 U. See Montana Code 53-25-103
- Eligible individual: means an eligible individual as defined in section 529A(e)(1) of the Internal Revenue Code, 26 U. See Montana Code 53-25-103
- Financial institution: means a bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, trust company, investment adviser, or other similar entity that is authorized to do business in this state. See Montana Code 53-25-103
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Member of the family: means , with respect to a designated beneficiary, a member of the family of the designated beneficiary as defined in section 529A(e)(4) of the Internal Revenue Code, 26 U. See Montana Code 53-25-103
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Oversight: Committee review of the activities of a Federal agency or program.
- Participating trust agreement: means an agreement between a designated beneficiary and the department or its designee that creates a trust interest in the trust and provides for participation in the program. See Montana Code 53-25-103
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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
- Qualified disability expenses: means qualified disability expenses as defined in section 529A(e)(5) of the Internal Revenue Code, 26 U. See Montana Code 53-25-103
- Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See Montana Code 53-25-103
- Rollover distribution: means a transfer of funds made:
(a)from one account in another state's qualified program to an account for the benefit of the same designated beneficiary or an eligible individual who is a family member of the former designated beneficiary; or
(b)from one account to another account for the benefit of an eligible individual who is a family member of the former designated beneficiary. 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
- Trust: means the achieving a better life experience savings trust as provided in 53-25-121. See Montana Code 53-25-103
- Trust interest: means a designated beneficiary's interest in the trust created by a participating trust agreement and held for the benefit of the designated beneficiary. See Montana Code 53-25-103
(1)”Account” means an eligible participating account established under this chapter by or on behalf of an eligible individual.
(2)”Agent” means one of the following persons acting on behalf of a designated beneficiary:
(a)a person acting under a power of attorney; or
(b)if no person holds a power of attorney, a parent or legal guardian of the designated beneficiary.
(3)”Annual contribution limit” means the limit established in section 529A(b)(2) of the Internal Revenue Code, 26 U.S.C. § 529A(b)(2).
(4)”Application” means a form executed by or on behalf of a prospective designated beneficiary to enter into a participating trust agreement and open an account. The application incorporates the participating trust agreement by reference.
(5)”Committee” means the achieving a better life experience program oversight committee established in 53-25-105.
(6)”Contribution” means a payment to an account for the benefit of a designated beneficiary.
(7)”Contributor” means a person who makes a contribution to an account for the benefit of a designated beneficiary.
(8)”Department” means the department of public health and human services provided for in 2-15-2201.
(9)”Designated beneficiary” means the eligible individual on whose behalf an account is established.
(10)”Disability certifications” means disability certifications as defined in section 529A(e)(2) of the Internal Revenue Code, 26 U.S.C. § 529A(e)(2).
(11)”Eligible individual” means an eligible individual as defined in section 529A(e)(1) of the Internal Revenue Code, 26 U.S.C. § 529A(e)(1).
(12)”Financial institution” means a bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, trust company, investment adviser, or other similar entity that is authorized to do business in this state.
(13)”Investment products” means, without limitation, certificates of deposit, savings accounts paying fixed or variable interest, financial instruments, one or more mutual funds, and a mix of mutual funds.
(14)”Member of the family” means, with respect to a designated beneficiary, a member of the family of the designated beneficiary as defined in section 529A(e)(4) of the Internal Revenue Code, 26 U.S.C. § 529A(e)(4).
(15)”Nonqualified withdrawal” means a withdrawal from the account that is not:
(a)a qualified withdrawal;
(b)a withdrawal made as the result of the death of the designated beneficiary of an account; or
(c)a rollover distribution or a change of designated beneficiary described in 53-25-111.
(16)”Participating trust agreement” means an agreement between a designated beneficiary and the department or its designee that creates a trust interest in the trust and provides for participation in the program.
(17)”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.S.C. § 529A.
(18)”Program administrator” means the person appointed or contracted by the department to administer the daily operations of the program and provide marketing, recordkeeping, investment management, and other services for the program.
(19)”Program manager” means a financial institution that acts on behalf of the trust as provided in 53-25-112.
(20)”Qualified disability expenses” means qualified disability expenses as defined in section 529A(e)(5) of the Internal Revenue Code, 26 U.S.C. § 529A(e)(5).
(21)”Qualified withdrawal” means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. A qualified withdrawal may be made by the beneficiary or the beneficiary’s agent.
(22)”Rollover distribution” means a transfer of funds made:
(a)from one account in another state’s qualified program to an account for the benefit of the same designated beneficiary or an eligible individual who is a family member of the former designated beneficiary; or
(b)from one account to another account for the benefit of an eligible individual who is a family member of the former designated beneficiary.
(23)”Trust” means the achieving a better life experience savings trust as provided in 53-25-121.
(24)”Trustee” means the department in its capacity as trustee of the trust.
(25)”Trust interest” means a designated beneficiary’s interest in the trust created by a participating trust agreement and held for the benefit of the designated beneficiary.