Sec. 624. SURVIVOR BENEFIT PLAN ANNUITIES FOR SPECIAL NEEDS TRUSTS ESTABLISHED FOR THE BENEFIT OF DEPENDENT CHILDREN INCAPABLE OF SELF-SUPPORT
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## SEC. 624 SURVIVOR BENEFIT PLAN ANNUITIES FOR SPECIAL NEEDS TRUSTS ESTABLISHED FOR THE BENEFIT OF DEPENDENT CHILDREN INCAPABLE OF SELF-SUPPORT ###
(a)Special Needs Trust as Eligible Beneficiary ####
(1)In general Subsection
(a)of section 1450 of title 10, United States Code, is amended— #####
(A)by redesignating paragraph
(4)as paragraph (5); and #####
(B)by inserting after paragraph
(3)the following new paragraph (4): > > #### “(4) Special needs trusts for sole benefit of certain dependent children > > Notwithstanding subsection (i), a supplemental or special needs trust established under subparagraph
(A)or
(C)of section 1917(d)(4) of the Social Security Act (42 U.S.C. 1396p(d)(4)) for the sole benefit of a dependent child considered disabled under section 1614(a)(3) of that Act (42 U.S.C. 1382c(a)(3)) who is incapable of self-support because of mental or physical incapacity.” > . ####
(2)Conforming amendments #####
(A)Annuities exemption Subsection
(i)of such section is amended by inserting “(a)(4) or” after “subsection”. #####
(B)Plan requirements Section 1448 of such title is amended— ######
(i)in subsection (b), by adding at the end the following new paragraph: > > #### “(6) Special needs trusts for sole benefit of certain dependent children > > A person who has established a supplemental or special needs trust under subparagraph
(A)or
(C)of section 1917(d)(4) of the Social Security Act (42 U.S.C. 1396p(d)(4)) for the sole benefit of a dependent child considered disabled under section 1614(a)(3) of that Act (42 U.S.C. 1382c(a)(3)) who is incapable of self-support because of mental or physical incapacity may elect to provide an annuity to that supplemental or special needs trust.” > ; ######
(ii)in subsection (d)(2)— ######
(I)in subparagraph (A), by striking “section 1450(a)(2)” and inserting “subsection (a)(2) or (a)(4) of section 1450”; and ######
(II)in subparagraph (B), by striking “section 1450(a)(3)” and inserting “subsection (a)(3) or (a)(4) of section 1450”; and ######
(iii)in subsection (f)(2), by inserting “, or to a special needs trust pursuant to section 1450(a)(4) of this title,” after “dependent child”. ###
(b)Regulations Section 1455(d) of such title is amended— ####
(1)in the subsection heading, by striking “and Fiduciaries” and inserting “, Fiduciaries, and Special Needs Trusts”; ####
(2)in paragraph (1)— #####
(A)in subparagraph (A), by striking “and” at the end; #####
(B)in subparagraph (B), by striking the period at the end and inserting “; and”; and #####
(C)by adding at the end the following new subparagraph: > > ##### “(C) > > a dependent child incapable of self-support because of mental or physical incapacity for whom a supplemental or special needs trust has been established under subparagraph
(A)or
(C)of section 1917(d)(4) of the Social Security Act (42 U.S.C. 1396p(d)(4)).” > ; ####
(3)in paragraph (2)— #####
(A)by redesignating subparagraphs
(C)through
(H)as subparagraphs
(D)through (I), respectively; #####
(B)by inserting after subparagraph
(B)the following new subparagraph (C): > > ##### “(C) > > In the case of an annuitant referred to in paragraph (1)(C), payment of the annuity to the supplemental or special needs trust established for the annuitant.” > ; #####
(C)in subparagraph (D), as redesignated by subparagraph
(A)of this paragraph, by striking “subparagraphs
(D)and (E)” and inserting “subparagraphs
(E)and (F)”; and #####
(D)in subparagraph (H), as so redesignated— ######
(i)by inserting “or (1)(C)” after “paragraph (1)(B)” in the matter preceding clause (i); ######
(ii)in clause (i), by striking “and” at the end; ######
(iii)in clause (ii), by striking the period at the end and inserting “; and”; and ######
(iv)by adding at the end the following new clause: > > ###### “(iii) > > procedures for determining when annuity payments to a supplemental or special needs trust shall end based on the death or marriage of the dependent child for which the trust was established.” > ; and ####
(4)in paragraph (3), by striking “or fiduciary” in the paragraph heading and inserting “, fiduciary, or trust”.
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Sec. 624
SURVIVOR BENEFIT PLAN ANNUITIES FOR SPECIAL NEEDS TRUSTS ESTABLISHED FOR THE BENEFIT OF DEPENDENT CHILDREN INCAPABLE OF SELF-SUPPORT
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