An executive just started a new position at a company that offers a Section 162 executive bonus plan. Regarding the Section 162 executive bonus plan that is being offered, which of the following statement is NOT correct? Group of answer choices The Section 162 executive bonus plan is a way for companies to provide taxdeductible funding for key executives to purchase life insurance with little or no outofpocket expense. A Section 162 executive bonus plan can be made available to select employees and requires IRS approval. The plan is completely portable and owned by the employee. A company is able to choose who receives these plans and can terminate the plan at any time