Fiduciary Acknowledgements. (a) ESI offers pharmacy benefit management services, products and programs (“PBM Products”) for consideration by all clients, including Sponsor. The general parameters of the PBM Products, and the systems that support these products, have been developed by ESI as part of ESI’s administration of its business as a PBM. The parties agree that they have negotiated the financial terms of this Agreement in an arm’s-length fashion. Sponsor acknowledges and agrees that, except for the limited purpose set forth in Section 2.3(c), neither it nor the Plan intends for ESI to be a fiduciary (as defined under ERISA or state law) of the Plan, and, except for the limited purpose as set forth in Section 2.3(c), neither will name ESI or any of ESI’s wholly-owned subsidiaries or affiliates as a “plan fiduciary.” Sponsor further acknowledges and agrees that neither ESI nor any of ESI’s wholly- owned subsidiaries or affiliates:
(a) have any discretionary authority or control respecting management of the Plan’s prescription benefit program, except as set forth in Section 2.3(c), or (b) exercise any authority or control respecting management or disposition of the assets of the Plan or Sponsor. Sponsor further acknowledges that all such discretionary authority and control with respect to the management of the Plan and plan assets is retained by Sponsor or the Plan. ESI represents that it will not enter into Sponsor Agreements with any Sponsor organized or incorporated in a state or U.S. jurisdiction that adopts a law or rule requiring a PBM to be a fiduciary and/or force the PBM to surrender any revenue otherwise inuring to ESI under a Sponsor Agreement in connection with the provision of any or all PBM Services. Should a federal or state law be adopted that would require ESI to be a fiduciary to perform any or all of the PBM Services and such law does not grandfather existing agreements, ESI shall have the right, with 120 days prior written notice to Aon Xxxxxx and Sponsor, to terminate any Sponsor Agreement in whole that would be subject to such law or rule. Such notice shall include the grounds for termination.
(b) Aon Xxxxxx organizes and manages the ARxC, and Sponsor acknowledges that neither it nor the Plan intends for Aon Xxxxxx to be a fiduciary (as defined under ERISA or state law) of the Plan. Sponsor further acknowledges and agrees that neither Aon Xxxxxx nor any of Aon Hewitt’s wholly-owned subsidiaries or affiliates:
(a) have any discretionary authority or control re...
Fiduciary Acknowledgements. In providing services under this Agreement, Client acknowledges and agrees that neither Xxxxx nor any of Xxxxx’x subsidiaries are acting on behalf of any employee welfare benefit plan (as defined in Section 3(1) of ERISA or under state law) or participants in such plans (as defined in Section 3.21(a) of ERISA or under state law) of any Plan. Client further acknowledges and agrees that neither it nor the Plan will name Xxxxx or any of Xxxxx’x subsidiaries as a “plan fiduciary.” Neither Xxxxx nor any of Xxxxx’x affiliates have any power to make any decisions as to the Plan drug benefits, policy, interpretations, practices or procedures, but rather provides administrative services for the drug benefit program within a framework of policies, interpretations, rules, practices, and procedures chosen by Client and/or the Plan. Client acknowledges that neither Xxxxx nor any of Xxxxx’x affiliates have any discretionary authority or control respecting management of prescription benefit program and does not exercise any authority or control respecting management of disposition of the assets of such program, if any exist. Client further acknowledges that all such discretionary authority is retained by Client, the Plan or some other person or entity.
Fiduciary Acknowledgements. ESI offers pharmacy benefit management services, products and programs (“PBM Products”) for consideration by all clients, including Sponsor. The general parameters of the PBM Products, and the systems that support these products, have been developed by ESI as part of ESI’s administration of its business as a PBM. The parties agree that they have negotiated the financial terms of this Agreement in an arm’s-length fashion. Sponsor acknowledges and agrees that neither it nor the Program intends for ESI to be a fiduciary of the Program, and neither will name ESI or any of ESI’s wholly-owned subsidiaries as a plan fiduciary. Sponsor further acknowledges and agrees that neither ESI nor any of ESI’s wholly-owned subsidiaries have any discretionary authority or control respecting management of the Plan’s prescription benefit program, or exercise any authority or control respecting management or disposition of the assets of the Plan or Sponsor. Sponsor further acknowledges that it is responsible for the Plan’s benefit design, coverage rules and determinations relating to the Plan. Upon reasonable notice, ESI will have the right to terminate PBM Services to the Program in a state requiring a pharmacy benefit manager to be a fiduciary to Sponsor or an Injured Worker in any capacity.
Fiduciary Acknowledgements. In providing services under this Agreement, Xxxxxxx acknowledges and agrees that neither it nor the Plan will name ESI or any of ESI’s wholly-owned subsidiaries as a “plan fiduciary.” Sponsor further acknowledges and agrees that neither ESI nor any of ESI’s wholly-owned subsidiaries: (i) are acting on behalf of any employee welfare benefit plan (as defined in Section 3(1) of ERISA or under state law) or participants in such plans, or as a fiduciary (as defined in Section 3.21(a) of ERISA or under state law) of any Plan; (ii) have any discretionary authority or control respecting management of the Plan’s prescription benefit program, but rather provides administrative services for the drug benefit program within a framework of policies, interpretations, rules, practices, and procedures chosen by Sponsor; or (iii) exercise any authority or control respecting management or disposition of the assets of the Plan or Sponsor, if any exist. Sponsor further acknowledges that all such discretionary authority and control with respect to the management of the Plan and plan assets, if any, is retained by Sponsor, the Plan or some other person or entity. Upon ninety (90) days written notice (or if such notice is not practicable, as much notice as is reasonable under the circumstances), ESI will have the right to terminate PBM Services to any Plan (or, if applicable, Members) located in a state requiring a pharmacy benefit manager to be a fiduciary to Sponsor, a Plan, or a Member in any capacity.
Fiduciary Acknowledgements. ESI offers pharmacy benefit management services, products and programs (“PBM Products”) for consideration by all clients, including Sponsor. The general parameters of the PBM Products, and the systems that support these products, have been developed by ESI as part of ESI’s administration of its business as a PBM. The parties agree that they have negotiated the financial terms of this Agreement in an arm’s-length fashion. Sponsor acknowledges and agrees that, except for the limited purpose set forth in Section 2.3(c), neither it nor the Plan intends for ESI to be a fiduciary (as defined under ERISA or state law) of the Plan, and, except for the limited purpose as set forth in Section 2.3(c), neither will name ESI or any of ESI’s wholly-owned subsidiaries or affiliates as a “plan fiduciary.” Sponsor further acknowledges and agrees that neither ESI nor any of ESI’s wholly-owned subsidiaries or affiliates:
(a) have any discretionary authority or control respecting management of the Plan’s prescription benefit program, except as set forth in Section 2.3(c), or (b) exercise any authority or control respecting management or disposition of the assets of the Plan or Sponsor. Sponsor further acknowledges that all such discretionary authority and control with respect to the management of the Plan and plan assets is retained by Sponsor or the Plan. Upon reasonable notice, ESI will have the right to terminate PBM Services to any Plan (or, if applicable, Members) located in a state requiring a pharmacy benefit manager to be a fiduciary to Sponsor, a Plan, or a Member in any capacity.
