Common use of FEDERAL TAX REQUIREMENTS Clause in Contracts

FEDERAL TAX REQUIREMENTS. State --------------------- ------------------------ Street shall be the "payor" (within the meaning of such term as used in Section 3405 of the Code) of benefits under the Employer Plans and under any other Individual Recordkeeping Plan except as otherwise provided in this Section. As payor, State Street shall perform any required withholding of income tax from distributions and withdrawals. Prior to the distribution of each Participant's benefits and in accordance with the applicable Service Standards, State Street shall provide appropriate notice of withholding and any applicable withholding election forms to such Participant. State Street shall provide to the Participant copies of any notice required by Section 402(f) of the Code in connection with the payment of all amounts as to which it is the payor. Notwithstanding the foregoing, State Street shall not be the payor of benefits under a Plan to the extent that such benefits are paid by the issuer of an annuity contract that is purchased by the Trustee in accordance with a Participant's election pursuant to the applicable Plan. In such event, the issuer of such annuity contract shall be the payor (within the meaning of the Code).

FEDERAL TAX REQUIREMENTS. For as long as it is the Disbursing Agent, State --------------------- ------------------------ Street shall be the "“payor" ” (within the meaning of such term as used in Section 3405 of the Code) of benefits under the Employer Plans and under any other Individual Recordkeeping Plan except as otherwise provided in this Section. As payor, State Street shall perform any required withholding of income tax from distributions and withdrawals. Prior to the distribution of each Participant's ’s benefits and in accordance with the applicable Service Standards, State Street the Program Recordkeeper shall provide appropriate notice of withholding and any applicable withholding election forms to such Participant. State Street The Program Recordkeeper shall provide to the Participant copies of any notice required by Section 402(f) of the Code in connection with the payment of all amounts as to which it State Street is the payor. Notwithstanding the foregoing, State Street shall not be the payor of benefits under a Plan to the extent that such benefits are paid by the issuer of an annuity contract that is purchased by the Trustee in accordance with a Participant's ’s election pursuant to the applicable Plan. In such event, the issuer of such annuity contract shall be the payor (within the meaning of the Code).