(1) It is the policy of the state of Montana to administer a voluntary employees' beneficiary association (VEBA) that allows Montana public employees to access health reimbursement accounts for themselves, their qualified dependents, and their beneficiaries, funded by employer contributions and earnings from investment of the contributions. This program shall be called the Montana VEBA HRA.

(2) The department of administration shall approve VEBA groups across the state, provide access to Montana VEBA HRA by eligible contracting employers, and determine the investment vehicles available to members.

(3) The objective of this policy is to establish consistent and cost-effective procedures for establishing and maintaining VEBA groups and account contributions.