Life Insurance in Qualified Defined Contribution Plans

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At first blush, offering life insurance in a qualified defined contribution plan sounds like a cost efficient way to provide your employees with life insurance protection. While that may be true, there are certain considerations that need to be taken into account before you decide whether to offer life insurance as an investment option under a qualified plan.

In this article we will explore what a plan sponsor should consider from a practical perspective before offering life insurance as an investment option under a qualified defined contribution plan. Specifically, Part I will address the federal income tax qualification issues associated with offering life insurance under a qualified plan, and Part II will address special considerations associated with plans that are covered by the Employee Retirement Income Security Act of 1974

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Elizabeth LaCombe | Attorney Advertising

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