Common use of Financial Institution Where XXX Is Established To Provide Information Clause in Contracts

Financial Institution Where XXX Is Established To Provide Information. The financial institution must provide you with a disclosure statement that contains the following items of information in plain nontechnical language: 1. The statutory requirements that relate to the XXX; 2. The tax consequences that follow the exercise of various options and what those options are; 3. Participation eligibility rules, and rules on the deductibility and nondeductibility of retirement savings; 4. The circumstances and procedures under which you may revoke the XXX, including the name, address, and telephone number of the person designated to receive notice of revocation (this explanation must be prominently displayed at the beginning of the disclosure statement); 5. Explanations of when penalties may be assessed against you because of specified prohibited or penalized activities concerning the XXX; and 6. Financial disclosure information which: (a) Either projects value growth rates of the XXX under various contribution and retirement schedules, or describes the method of computing and allocating annual earnings and charges which may be assessed; (b) Describes whether, and for what period, the growth projections for the plan are guaranteed, or a statement of earnings rate and terms on which these projections are based; and (