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discriminatory to remove access to an investment?

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Short version: we took over a pooled profit sharing plan a few years back... all pooled except for a few participants with life insurance.  No one new has purchased policies (we've made the plan sponsor give each participant a form to sign off saying that they don't want to purchase a policy), and all those with policies have terminated and gotten paid out except the owner, so his is the only policy left.

Can the plan be amended to no longer allow life insurance going forward without causing a nondiscrimination issue?  Or are they doomed to be stuck in CYA-mode until the owner gives up his policy?  Thanks.

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