Common use of Account Owner Responsibility Clause in Contracts

Account Owner Responsibility. It is the responsibility of the Account Owner to determine whether contributions to this HSA have exceeded the maximum annual contribution limit described in Article II. If contributions to this HSA exceed the maximum annual contribution limit, including the catch-up contribution limit, if applicable, the Account Owner shall notify the Custodian that there exist excess contributions to the HSA. It is the responsibility of the Account Owner to request the withdrawal of the excess contribution and any net income attributable to such excess contribution. It is also the Account Owner’s responsibility to ensure that any employer contributions due are made to the HSA. Custodian shall not be liable for any losses, damages, costs, penalties, or expenses the Account Owner incurs as a result of any employer’s failure to make any contributions to his or her HSA. Custodian is not responsible for monitoring any employer’s HSA contributions or notifying any Account Owner of employer contributions or the failure of any employer to make a contribution. In considering whether contributions have exceeded the allowable annual contribution limit, Account Owner must take into account any employer contributions as well as any transfers or contributions previously made to this HSA or to any other HSA that also count toward the annual contribution limit.

Account Owner Responsibility. It is the responsibility of the Account Owner to determine whether contributions to this HSA have exceeded the maximum annual contribution limit described in Article II. If contributions to this HSA exceed the maximum annual contribution limit, including the catch-catch- up contribution limit, if applicable, the Account Owner shall notify the Custodian that there exist excess contributions to the HSA. It is the responsibility of the Account Owner to request the withdrawal of the excess contribution and any net income attributable to such excess contribution. It is also the Account Owner’s responsibility to ensure that any employer contributions due are made to the HSA. Custodian shall not be liable for any losses, damages, costs, penalties, or expenses the Account Owner incurs as a result of any employer’s failure to make any contributions to his or her HSA. Custodian is not responsible for monitoring any employer’s HSA contributions or notifying any Account Owner of employer contributions or the failure of any employer to make a contribution. In considering whether contributions have exceeded the allowable annual contribution limit, Account Owner must take into account any employer contributions as well as any transfers or contributions previously made to this HSA or to any other HSA that also count toward the annual contribution limit.