Discontinuance of Insurance Policies. Investments in life insurance may be discontinued at any time, either at the direction of the Trustee or other fiduciary responsible for making investment decisions. If the Plan provides for Participant direction of investments, life insurance as an investment option may be eliminated at any time by the Plan Administrator. Where life insurance investment options are being discontinued, the Plan Administrator, in its sole discretion, may offer the sale of the insurance policies to the Participant, or to another person, provided that the prohibited transaction exemption requirements prescribed by the Department of Labor are satisfied.
Appears in 4 contracts
Samples: Governmental Nonstandardized Defined Contribution Plan, Defined Contribution Prototype Plan and Trust Agreement (Mercantile Bancorp, Inc.), Defined Contribution Plan and Trust (National Penn Bancshares Inc)
