Common use of Powers of Administrator Clause in Contracts

Powers of Administrator. In addition to other powers specifically set forth herein, the Administrator shall have all power and authority necessary or convenient for the administration of this Plan, including without limitation the authority to: (a) construe and interpret the Plan, and resolve any inconsistency or ambiguity with respect to any of its terms; (b) decide all questions of eligibility and determine the amount, manner and time of payment of any benefits hereunder; (c) prescribe rules and procedures to be followed by Participants or Beneficiaries in making any election or taking any action provided for herein, which rules and procedures may alter any provision of the Plan that is administrative or ministerial in nature without the necessity for an amendment; (d) allocate Accounts among the Eligible Funds; (e) maintain all the necessary records for the administration of the Plan; (f) delegate any of it duties or powers under the Plan to any other person acting under its supervision; and (g) do all other acts which the Administrator deems necessary or proper to accomplish and implement its responsibilities under the Plan. Any rule or procedure adopted by the Administrator, or any decision, ruling or determination made by the Administrator, in good faith shall be final, binding and conclusive on all Participating Funds, Participants, Beneficiaries and all persons claiming through them. The authority of the Administrator may be exercised by such person as the Chief Executive Officer of the Administrator may designate or, in the absence of a specific designation, by those officers and employees of the Administrator whose normal duties include payment of compensation to independent directors and trustees.

Powers of Administrator. In addition to other powers specifically set forth herein, the Administrator shall have all discretionary power and authority necessary or convenient for the administration of this Plan, including without limitation the authority to: (a) construe and interpret the Plan, and resolve any inconsistency or ambiguity with respect to any of its terms; (b) decide all questions of eligibility and determine the amount, manner and time of payment of any benefits hereunder; (c) prescribe rules and procedures to be followed by Participants or Beneficiaries in making any election or taking any action provided for herein, which rules and procedures may alter any provision of the Plan that is administrative or ministerial in nature without the necessity for an amendment; (d) allocate Accounts among the Eligible Funds; (e) maintain all the necessary records for the administration of the Plan; (f) delegate any of it duties or powers under the Plan to any other person acting under its supervision; and (g) do all other acts which the Administrator deems necessary or proper to accomplish and implement its responsibilities under the Plan. Any rule or procedure adopted by the Administrator, or any decision, ruling or determination made by the Administrator, in good faith shall be final, binding and conclusive on all Participating Funds, Participants, Beneficiaries and all persons claiming through them. The authority of the Administrator may be exercised by such person as the Chief Executive Officer of the Administrator may designate or, in the absence of a specific designation, by those officers and employees of the Administrator whose normal duties include payment of compensation to independent directors and trustees.