Insurance Contracts. The Trustee, if an Investment Committee is not appointed, Investment Committee, or Participant or Beneficiary with respect to Participant-Directed Assets, may appoint one or more insurance companies to hold assets of the Plan, and may direct, subject to Section 7.3, the purchase of insurance contracts or policies from one or more insurance companies with assets of the Plan. Neither the Investment Committee, Trustee nor the Administrator shall be liable for the validity of any such contract or policy, the failure of any insurance company to make any payments or for any act or omission of an insurance company with respect to any duties delegated to any insurance company.
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Samples: Prototype Defined Contribution Plan Adoption Agreement (MSC Industrial Direct Co Inc), Prototype Defined Contribution Plan Adoption Agreement (Tca Cable Tv Inc), Defined Contribution Plan (White Mountains Insurance Group Inc)
Insurance Contracts. The Trustee, if an Investment Committee is not appointed, Investment Committee, or Participant or Beneficiary with respect to Participant-Directed Assets, may appoint one or more insurance companies to hold assets of the Plan, and may direct, subject to Section 7.3, the purchase of insurance contracts or policies from one or more insurance companies with assets of the Plan. Neither the Investment Committee, Trustee nor the Administrator shall be liable for the validity of any such contract or policy, the failure of any insurance company to make any payments payment or for any act or omission of an insurance company with respect to any duties delegated to any insurance company.
Appears in 1 contract
Insurance Contracts. The Trustee, if an Investment Committee is not appointed, Investment Committee, or Participant or Beneficiary Beneficiary, with respect to Participant-Directed Assets, may appoint one or more insurance companies to hold assets of the Plan, and may direct, subject to Section 7.3, the purchase of insurance contracts or policies from one or more insurance companies with assets of the Plan. Neither the Investment Committee, Trustee nor the Administrator shall be liable for the validity of any such contract or policy, the failure of any insurance company to make any payments or for any act or omission of an insurance company with respect to any duties delegated to any insurance company.
Appears in 1 contract
Samples: Prototype Defined Contribution Plan Adoption Agreement (Labor Ready Inc)
