SUMMARY PLAN DESCRIPTION (Continued)
Amendment of the Sponsor's Plan: The Plan Sponsor reserves the right to modify, amend or terminate in whole or in part, any or all provisions of the Plan. Amendments to the Plan are to be made by a written resolution adopted in accordance with the established procedures of the Board of Directors. Amendments may be adopted with retroactive effect to the extent permitted by ERISA and the Code. Amendment of Lincoln's Policy: The policy may be changed in whole or in part by mutual agreement of the Sponsor and Lincoln. Only an Officer of Lincoln can approve a change. The approval must be in writing and endorsed on or attached to the policy. No consent of any participant or any other person referred to in the policy(ies) shall be required to modify, amend, or change the policy(ies). NOTE: If you cease active employment, see your benefits administrator to determine what arrangements, if any, may be made to continue your coverage beyond the date you cease active employment. When May The Policy Terminate? 1. If the Sponsor fails to pay any premium within the grace period, the policy will automatically terminate at 12:00 midnight of the last day of the grace period. The "grace period" is the 60 days following a premium due date during which premium payment may be paid. 2. The Sponsor may terminate the policy by advance written notice delivered to Lincoln at least 31 days prior to the termination date. But the policy will not terminate during any period for which premium has been paid. 3. Lincoln may terminate the policy on any premium due date by giving written notice to the Sponsor at least 31 days in advance if: a. The number of employees insured is less than 10; b. less than 100% of the Employees eligible for any non-contributory insurance are insured for it; or c. the Sponsor fails: i. to furnish promptly any information which Lincoln may reasonably require; or ii. to perform any other obligations pertaining to this policy. 4. Termination may take effect on any earlier date when both the Sponsor and Lincoln agree. No consent of any participant or any other person referred to in the policy(ies) shall be required to terminate the policy(ies).
Made with FlippingBook - Online Brochure Maker