Common use of Plan-to-Plan Transfers Clause in Contracts

Plan-to-Plan Transfers. Custodian may accept a Transfer Contribution in a plan to plan transfer provided that the transaction satisfies the requirements for a tax-free transfer under Section 403(b) of the Code and applicable IRS regulations and guidance, and the Plan permits such transfers. If the Custodian is provided with sufficient information and representations that the proposed transaction qualifies as a plan to plan transfer, Custodian shall accept the transfer and deposit the proceeds into the Participant’s Account based on such Instructions. If the Employer has delegated administrative responsibilities under the Plan to a TPA and that TPA has qualified the transaction as a plan to plan transfer, the Custodian shall accept the transfer and deposit the proceeds in the participant’s Account. The Custodian has no duty to inquire into the source of any assets transferred to it or the right of the transferor to make such transfer. Neither the Custodian nor the Program Sponsor shall be liable for any losses arising from the acts, omissions, delays or failure of any other party involved in a plan to plan transfer under this Section.