Some Blue Cross Blue Shield health insurance carriers have demutualized over the last few years and have issued shares of stock to corporate policyholders in the process of converting to stock ownership. Has the DOL issued any rulings on whether that stock is a welfare benefit plan asset that must be sold and used for future benefits or whether it may be retained by the employer as a general corporate asset?

I vaguely recall a Department of Labor Opinion Letter that addresses your issue. Try searching on Opinion Letters and the word "demutualization."