(1) A member is a participant of the Montana VEBA HRA at the time the member separates from service, submits a signed and completed enrollment form to the department or administrator, as applicable, and the contracting employer makes a contribution to the participant's account.
(2) If a member dies as an active employee, all accrued leave benefits must be paid as taxable income. The member is not a participant.
(3) Each participant may direct the investment of funds in the participant's account among the investment vehicles offered. The department shall identify a default investment vehicle for a participant who fails to select an investment vehicle.
(4) Participants may make investment changes on a monthly basis.
(5) A participant account closes when the balance of the account is zero.
History: 2-18-1305, MCA; IMP, 2-18-1304, MCA; NEW, 2005 MAR p. 911, Eff. 4/29/05; AMD, 2013 MAR p. 1083, Eff. 6/21/13; AMD, 2019 MAR p. 2011, Eff. 11/9/19.