Common use of Named Fiduciary and Claims Procedure Clause in Contracts

Named Fiduciary and Claims Procedure. (a) The Bank is hereby designated as the named fiduciary under this Agreement. The named fiduciary shall have authority to control and manage the operation and administration of this Agreement, and it shall be responsible for establishing and carrying out a funding policy and method consistent with the objectives of this Agreement. (b) Any decision by the Bank denying a claim by the Employee or a Beneficiary for benefits under this Agreement shall be in writing and delivered or mailed to the Employee or Beneficiary. Such statement shall set forth the specific reasons for the denial. In addition the Bank shall afford a reasonable opportunity to the Employee or Beneficiary for a full and fair review of the decision denying such claim.