Plan Sponsor Responsibilities. a. Plan Sponsor is responsible for timely providing all information that Plan Sponsor and Nationwide mutually agree is necessary for Nationwide to perform the Administrative Services under this Agreement. b. Plan Sponsor is responsible for timely providing updated information regarding Plan participants. c. Plan Sponsor is responsible for ensuring that the provided information is accurate and complete. Nationwide is entitled to rely exclusively on the information provided by the Plan Sponsor or the Plan Sponsor’s advisors, whether oral or in writing, and will have no responsibility to independently verify the accuracy of that information. d. Plan Sponsor acknowledges that inaccurate or late information could result in tax penalties, participant/beneficiary legal claims, or both. Nationwide assumes no responsibility for, and will not have any liability for, any consequences that result from Nationwide’s inability to complete its work in the ordinary course of its business due to the failure of the Plan Sponsor to provide accurate and timely information to Nationwide. e. Plan Sponsor agrees to be responsible for all maximum deferral limit testing for this Plan.
Appears in 4 contracts
Samples: Administrative Services Agreement, Administrative Services Agreement, Administrative Services Agreement
