Plan Operational Errors Sample Clauses

Plan Operational Errors. If Empower makes an error in providing any other administrative service described under this Agreement to the Plan that materially impacts Participants’ accounts or creates a signif icant operational or f iduciary issue f or the Plan (e.g., f ailures to f ollow an administrative procedure or Plan Sponsor Direction, etc.), Empower will, within a reasonable time after being notified of or discovering such error, notify the Plan Sponsor and describe the corrective option that Empower proposes to employ that is consistent with the Internal Revenue Service, Department of Labor, or other agency correction guidelines, where applicable. Unless the Plan Sponsor objects to such proposed correction and requests an alternate correction option within five (5) business days after receiving notice of Empower’s suggested corrective option, the Plan Sponsor Directs Empower to promptly correct the error(s) in accordance with the proposal, at Empower’s expense. If Empower’s proposed correction is consistent with Internal Revenue Service, Department of Labor, other agency correction guidelines, or other guidance, but the Plan Sponsor requests an alternate correction method resulting in expenses in excess of what Empower would have incurred under its proposed correction, the Plan Sponsor shall bear such additional expenses (including without limitation any additional net loss resulting f rom such method). The parties acknowledge and agree that Empower will have no liability for an error caused by acts or omissions of the Plan Sponsor, Participants or any other third party.