Is Insurance a protected benefit -- 411(d)(6)

[jkharvey]

PSP wants to amend and no longer allow life insurance as investment option. They want to have policies in effect currently removed as well as no longer allow purchase of new policies. Would this violate 411(d)(6). I don't see that the insurance would be a protected benefit but I want to be certain.

[Belgarath]

You are correct.

[Earl]

I would be sure to offer participants ability to purchase out of the plan and not just surrender the policies.

[jaemmons]

The option for allowing the participants to purchase the policies must be in the plan document. If it is not, then the plan administrator cannot provide the participants this option and can surrender the policies. : )

[Earl]

but only a nazi would do that when the document could be amended.

[jaemmons]

Maybe.