§ 28-72-502 - Legislative intent.
28-72-502. Legislative intent.
(a) It is found and declared by the General Assembly that the establishment of a long-term intergenerational security trust with tax deferment provisions for an individual under eighteen (18) years of age will enable the individual's family and friends to take advantage of long-term growth opportunities and provide for the accumulation of a sizable sum of money for the individual's retirement and financial security.
(b) It is further found and declared that individuals are living longer after retirement and their incomes do not generally grow with inflation and that the additional source of money created by a long-term intergenerational security trust will improve the quality of life of older Arkansans and possibly indirectly reduce present government expenditures.