Common use of Liability for Excess Amounts Clause in Contracts

Liability for Excess Amounts. The Custodian and the Sponsor shall not have any duty to determine whether an Excess Deferral or contribution in excess of the limitations under Sections 403(b), 402(g) or 415 of the Code ("Excess Amounts") has been made by or on behalf of the Participant. The Custodian and the Sponsor shall not be held liable by the Participant or any other person(s), trusts or other entity for failing to determine whether an Excess Deferral or Excess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and the Sponsor shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution of an Excess Deferral and any income attributable thereto.

Appears in 3 contracts

Samples: 403(b)(7) Retirement Plan Custodial Account Agreement, 403(b) Plan Account Application, 403(b) Plan Account Establishment

AutoNDA by SimpleDocs

Liability for Excess Amounts. The Custodian and Unless otherwise agreed to in writing, neither the Sponsor nor the Custodian shall not have any duty to determine whether an Excess Deferral Deferral, or contribution in excess of the limitations under Code Sections 403(b), 402(g) or 415 of the Code ("Excess Amounts") has been made by or on behalf of the Participant. The Custodian Sponsor and the Sponsor Custodian shall not be held liable by the Participant or any other person(s), trusts or other entity for failing to determine whether an Excess Deferral or Excess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and Neither the Sponsor nor the Custodian shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution of an Excess Deferral and any income attributable thereto.

Appears in 2 contracts

Samples: Custodial Account Agreement, Custodial Account Agreement

Liability for Excess Amounts. The Custodian and the Sponsor shall not have any duty to determine whether an Excess Deferral or contribution in excess of the limitations under Sections 403(b), 402(g) or 415 of the Code ("Excess Code(“Excess Amounts") has been made by or on behalf of the Participant. The Custodian and the Sponsor shall not be held liable by the Participant or any other person(s), trusts or other entity for failing to determine whether an Excess Deferral or Excess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and the Sponsor shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution of an Excess Deferral or Excess Amounts and any income attributable thereto.

Appears in 2 contracts

Samples: 403(b)(1)/403(b)(7) Custodial Agreement, 403(b)(1)/403(b)(7) Custodial Agreement

Liability for Excess Amounts. The Custodian and Unless otherwise agreed to in writing, the Sponsor shall not have any duty to determine whether an Excess Deferral Defer- ral, or contribution in excess of the limitations under Code Sections 403(b), 402(g) or 415 of the Code ("Excess Amounts") has been made by or on behalf of the Participant. The Custodian and the Sponsor shall not be held liable by the Participant or any other person(s), trusts or other entity for failing to determine whether an Excess Deferral or Excess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and the Sponsor shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution of an Excess Deferral and any income attributable thereto.

Appears in 2 contracts

Samples: Custodial Account Agreement, 403(b)(7) and Roth 403(b)(7) Custodial Account Agreement

Liability for Excess Amounts. The Custodian and the Sponsor shall not have any duty to determine whether an Excess Deferral Deferrals, or contribution in excess of the limitations under Sections 403(b), 402(g) or 415 of the Code ("Excess Amounts") has been made by or on behalf of the Participant. The Custodian and the Sponsor shall not be held liable by the Participant or any other person(s), trusts or other entity for failing to determine whether an Excess Deferral or Excess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and the Sponsor shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution of an Excess Deferral and any income attributable thereto.

Appears in 1 contract

Samples: 403(b)(7) Custodial Account Agreement

AutoNDA by SimpleDocs

Liability for Excess Amounts. The Custodian and the Sponsor shall not have any duty to determine whether an Excess Deferral or contribution in excess of the limitations under Sections 403(b), 402(g) or 415 of the Code ("Excess Code(“Excess Amounts") has been made by or on behalf of the Participant. The Custodian and the Sponsor shall not be held liable by the Participant or any other person(s), trusts or other entity for failing fail- ing to determine whether an Excess Deferral or Excess Ex- cess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and the Sponsor shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution distri- bution of an Excess Deferral or Excess Amounts and any income attributable thereto.

Appears in 1 contract

Samples: 403(b)(1)/403(b)(7) Custodial Agreement

Liability for Excess Amounts. The Custodian and the Sponsor shall not have any duty to determine whether an Excess Deferral Deferral, or contribution in excess of the limitations under Sections 403(b), 402(g) or 415 of the Code ("Excess Amounts") has been made by or on behalf of the Participant. The Custodian and the Sponsor shall not be held liable by the Participant or any other person(s), trusts or other entity for failing to determine whether an Excess Deferral or Excess Amounts was made or for failing to distribute an Excess Deferral absent the request of the Participant. The Custodian and the Sponsor shall not be liable to the Participant or any other person(s), trusts or entity for taxes or other penalties incurred as a result of the Excess Deferral or Excess Amounts (including any income attributable thereto) or as a result of a distribution of an Excess Deferral and any income attributable thereto.

Appears in 1 contract

Samples: 403(b)(7) Custodial Account Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!