41-4004. Plan requirements. No self-funded plan shall register, and the director shall not register a self-funded plan, which does not meet the following requirements:
(1) The plan must require all contributions to be paid in advance and to be deposited in and disbursed from a trust fund duly created and existing under an adequate written irrevocable trust agreement between the employer or employers and the trustee that meets the terms of this chapter.
(2) The plan must have, or provide for, a trustworthy and responsible trustee, and for competent administration of the trust fund and plan.
(3) The plan must require that employers contribute to the trust fund, and that all contributions, if any, by employees shall be by regular periodic payroll deductions, except as to contributions made by an employee during his absence from such employment for such period as the plan may reasonably provide.
(4) The plan must provide that the administrator or trustee on behalf of the trust fund, as the case may be, shall furnish to each employee-beneficiary of the plan a written statement or schedule adequately and clearly stating all benefits currently allowable under the plan, together with all applicable restrictions, limitations, and exclusions, and the procedure for filing a claim for benefits.
(5) The plan must require that the trust fund be actuarially sound; that is, assets and income of the trust fund must be adequate under reasonable estimates for payment of all benefits promised to beneficiaries by the plan.
41-4004. Plan requirements. No self-funded plan shall register, and the director shall not register a self-funded plan, which does not meet the following requirements:
(1) The plan must require all contributions to be paid in advance and to be deposited in and disbursed from a trust fund duly created and existing under an adequate written irrevocable trust agreement between the employer or employers and the trustee that meets the terms of this chapter.
(2) The plan must have, or provide for, a trustworthy and responsible trustee, and for competent administration of the trust fund and plan.
(3) The plan must require that employers contribute to the trust fund, and that all contributions, if any, by employees shall be by regular periodic payroll deductions, except as to contributions made by an employee during his absence from such employment for such period as the plan may reasonably provide.
(4) The plan must provide that the administrator or trustee on behalf of the trust fund, as the case may be, shall furnish to each employee-beneficiary of the plan a written statement or schedule adequately and clearly stating all benefits currently allowable under the plan, together with all applicable restrictions, limitations, and exclusions, and the procedure for filing a claim for benefits.
(5) The plan must require that the trust fund be actuarially sound; that is, assets and income of the trust fund must be adequate under reasonable estimates for payment of all benefits promised to beneficiaries by the plan.
41-4004. Plan requirements. No self-funded plan shall register, and the director shall not register a self-funded plan, which does not meet the following requirements:
(1) The plan must require all contributions to be paid in advance and to be deposited in and disbursed from a trust fund duly created and existing under an adequate written irrevocable trust agreement between the employer or employers and the trustee that meets the terms of this chapter.
(2) The plan must have, or provide for, a trustworthy and responsible trustee, and for competent administration of the trust fund and plan.
(3) The plan must require that employers contribute to the trust fund, and that all contributions, if any, by employees shall be by regular periodic payroll deductions, except as to contributions made by an employee during his absence from such employment for such period as the plan may reasonably provide.
(4) The plan must provide that the administrator or trustee on behalf of the trust fund, as the case may be, shall furnish to each employee-beneficiary of the plan a written statement or schedule adequately and clearly stating all benefits currently allowable under the plan, together with all applicable restrictions, limitations, and exclusions, and the procedure for filing a claim for benefits.
(5) The plan must require that the trust fund be actuarially sound; that is, assets and income of the trust fund must be adequate under reasonable estimates for payment of all benefits promised to beneficiaries by the plan.
