2-18-1301. Short title
2-18-1301. Short title. This part may be cited as the “Voluntary Employees’ Beneficiary Association Act”. History: En. Sec. 1, Ch. 272, L. 2001.
2-18-1302. Purpose and intent
2-18-1302. Purpose and intent. The legislature finds that escalating health care expenses, particularly the increasing cost of medical treatment and health insurance, constitute a substantial financial burden during and after an employee’s working career. The purpose of this part is to provide a means by which public employers may contribute to a plan established under a […]
2-18-1303. Definitions
2-18-1303. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply: (1) ”Common association” means an association of employees established pursuant to 2-18-1310 for the purposes of employer and employee participation in the plan. (2) ”Contracting employer” means an employer who, pursuant to 2-18-1310, has contracted with the department to participate in the […]
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 […]
2-18-1305. Rulemaking authority
2-18-1305. Rulemaking authority. The department shall adopt rules to implement the provisions of this part. The rules must be designed to allow the plan to conform to federal law. History: En. Sec. 5, Ch. 272, L. 2001.
2-18-1306. through 2-18-1308 reserved
2-18-1306 through 2-18-1308 reserved.
2-18-1309. Administration of plan — content of plan document
2-18-1309. Administration of plan — content of plan document. (1) The department shall provide for the administration of the plan in the manner required to satisfy applicable tax qualification requirements of the Internal Revenue Code and other applicable federal law. If a statutory provision of this part conflicts with a qualification requirement of the Internal Revenue […]
2-18-1310. Plan membership election — contract for employer participation
2-18-1310. Plan membership election — contract for employer participation. (1) At the request of at least 25% of its employees, an employer may facilitate an election by all the employer’s employees or by a specified group of the employer’s employees to determine whether those employees will form an association for the purpose of participating in the […]
2-18-1311. Contributions of unused sick and vacation leave — other contributions not prohibited
2-18-1311. Contributions of unused sick and vacation leave — other contributions not prohibited. (1) When the member’s employment is terminated, the member’s unused sick leave balance may be converted to a tax-free employer contribution to the participant account pursuant to this section. (2) The amount of the employer contribution to a participant’s account for hours converted under this […]
2-18-1312. Tax exemption
2-18-1312. (Temporary) Tax exemption. Employer contributions into an account, the accumulation of interest or other earnings in an account, and payments from an account for qualified health care expenses are tax-exempt, as provided in 15-30-2110 and under applicable federal laws and regulations to the extent that the plan is qualified under applicable sections of the Internal […]
2-18-1313. Death benefits
2-18-1313. Death benefits. (1) Upon proof of a participant’s death, if the deceased participant’s account retains funds, the participant’s surviving spouse or dependent is entitled to use the account for qualified health care expenses incurred by the participant until the participant’s death or incurred by the surviving spouse or a surviving dependent until loss of tax-qualified […]