Float Compensation. AdvisorTrust may keep any number of bank accounts and Securities Accounts to receive and hold for a reasonable time: • contributions to be invested; • amounts redeemed for investment in another Plan Investment Alternative; or • amounts redeemed to pay a distribution, Fee, expense, or other payment you Instruct. To the extent AdvisorTrust trades directly through the National Securities Clearing Corporation (NSCC) it may receive float compensation. AdvisorTrust may credit amounts to any such account, which may commingle the Plan’s amounts with amounts of other retirement plans and amounts held for contribution to or investment under insurance contracts or securities unrelated to retirement plans. Likewise, AdvisorTrust may instruct any Fund, transfer agent, bank, broker-dealer, or insurer to make any payment payable for credit to a Processing Account. The expenses, including bank or broker-dealer fees and charges, of any account are the personal obligations of the Person that keeps the account, and are not charged against the Plan. The income (if any) from Processing Accounts is additional Compensation to AdvisorTrust or the Person that keeps the account. However, the preceding sentence will not apply to the extent that a Processing Account holds an amount longer than the time provided below. For a Plan contribution or Loan repayment, generally AdvisorTrust will not hold an amount in a Processing Account longer than three Business Days after your payment or after your Instruction is complete, whichever is later, unless you request in writing that AdvisorTrust hold an amount for a longer time. If AdvisorTrust has received your payment but your Instruction is insufficient, AdvisorTrust will inform you of your insufficient Instruction promptly and by three Business Days after AdvisorTrust receives it. For a Plan investment Direction that transfers an amount from one Plan Investment Alternative to another, AdvisorTrust will not hold an amount in a Processing Account longer than three Business Days after AdvisorTrust has received both the redemption proceeds or payment and a proper Direction that is in Good Order. The preceding sentence does not change AdvisorTrust’s obligation to credit a transfer (other than a transfer to or from a Securities Account) the same Business Day that AdvisorTrust received your (including an Individual’s) proper Instruction. For a Plan distribution or a payment to an investment about which AdvisorTrust does not provide services, Advis...
Float Compensation. When Claim Administrator obtains the Employer Payment as set forth in this section, this payment will be transferred to designated bank accounts maintained by Claim Administrator and titled in Claim Administrator’s name. Claim Administrator will retain any interest derived from such bank account (“Float Compensation”) beginning on the date Claim Administrator receives Employer Payment through the plan year and ending on the date of the Final Settlement. Claim Administrator, at its discretion, may use the Float Compensation to offset bank charges and other reasonable administrative expenses incurred by Claim Administrator in performing its duties under this Agreement.
