Montana Code 53-25-104. Program administration — rulemaking
53-25-104. Program administration — rulemaking. (1) There is a Montana achieving a better life experience program. The department shall ensure that the program meets the requirements for an achieving a better life experience program under section 529A of the Internal Revenue Code, 26 U.S.C. § 529A. The program administrator may request a private letter ruling from the internal revenue service or the United States secretary of health and human services and shall take any necessary steps to ensure that the program qualifies under federal law.
Terms Used In Montana Code 53-25-104
- Account: means an eligible participating account established under this chapter by or on behalf of an eligible individual. 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
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of public health and human services provided for in 2-15-2201. See Montana Code 53-25-103
- 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
- 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. 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
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The department may contract with an independent service provider as program administrator, in consultation with the committee. In considering potential independent service providers, the department shall consider each prospective provider’s prior experience with disabled individuals and programs for disabled individuals, along with its other qualifications. If the department appoints one of its employees to act as program administrator, the department may contract with independent service providers to provide services including but not limited to establishing accounts, providing information about investment choices, meeting notice requirements, providing account statements, and other services typically utilized by investment and savings plans. The department may require participating financial institutions to pay the costs of the independent service provider.
(3)The department shall:
(a)establish by rule the terms and conditions of the program subject to the requirements of this chapter and section 529A of the Internal Revenue Code, 26 U.S.C. § 529A;
(b)as required under section 529A(d) of the Internal Revenue Code, 26 U.S.C. § 529A(d), require the program administrator to submit:
(i)upon the establishment of each account, a notice to the United States secretary of the treasury containing the name and state of residence of the designated beneficiary and any other information the secretary may require; and
(ii)electronically on a monthly basis to the United States commissioner of social security, statements on the relevant distributions and account balances of all accounts in the state.
(4)The department may allow the residents of other states access to the program.