Common use of Plan Status Clause in Contracts

Plan Status. If the Plan is subject to ERISA, all requests for third party transfers or rollovers, ownership changes, elections, changes of Annuity Commencement Date, withdrawals, loans, Participant terminations or death benefit payments must be made or approved by the Employer on behalf of the affected Participant. If the Plan is not subject to ERISA, unless otherwise provided in this Contract, all requests described in the preceding paragraph may be made by the Participant unless the Employer instructs otherwise. The Employer reports to us on the Application if the Plan is subject to ERISA and we will rely on such report. The Employer will notify us in writing of any changes in the ERISA Plan status. We will effect such changes as soon as practicable.