Common use of Establishment of Custodial Account Clause in Contracts

Establishment of Custodial Account. The Program Sponsor, on behalf of and duly authorized by the Participant, hereby requests that the Custodian establish a Custodial Account for and in the name of the Plan for the Participant, and represents that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid, and binding obligation of the Participant and, to the extent applicable, of the Employer. The Custodian shall not be obligated to provide detailed accounting for the Account or for any individual investment option, such as with respect to Contributions, distributions, loan activity, and rollovers, and the Participant agrees to look solely to the Program Sponsor or other record keeper that the Program Sponsor or the Employer has retained for all such detailed information. It is the intent of the parties hereto that this Agreement shall, to the extent required and permitted under Sections 457(g) and 401(f ) of the Code, be treated as a trust for the exclusive benefit of Plan Participants and their beneficiaries. MG Trust Company, LLC 457(b) Custodial Account Agreement (With Governmental Employer)

Establishment of Custodial Account. The Program Sponsor, on behalf of and duly authorized by the Participant, hereby requests that the Custodian establish a Custodial Account for and in the name of the Plan for the Participant, and represents that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid, and binding obligation of the Participant and, to the extent applicable, of the Employer. The Custodian shall not be obligated to provide detailed accounting for the Account or for any individual investment option, such as with respect to Contributions, distributions, loan activity, and rollovers, and the Participant agrees to look solely to the Program Sponsor or other record keeper that the Program Sponsor or the Employer has retained for all such detailed information. It is the intent of the parties hereto that this Agreement shall, to the extent required and permitted under Sections 457(g) and 401(f ) of the Code, be treated as a trust for the exclusive benefit of Plan Participants and their beneficiaries. MG Trust CompanyAdvisorTrust, LLC Inc. 457(b) Custodial Account Agreement (With Governmental Employer)