INCOME LOSS REPLACEMENT PLAN (ILRP)
The Income Loss Replacement Plan is an arrangement between an employer and employees that provides the employees with an income during disability. This arrangement may be formal or informal. The employees are insured under individual contracts of disability insurance pursuant to a common plan. The ILRP is an alternative method of grouping individual disability income policies without the use of a Health and Welfare Trust. An ILRP may be established for as few as 2 employees.