Common use of Powers of Plan Administrator Clause in Contracts

Powers of Plan Administrator. The Plan Administrator shall have the full and exclusive power, discretion and authority to administer the Plan. The determinations and decisions of the Plan Administrator are final and binding on all persons. The Plan Administrator’s powers shall include but shall not be limited to, the power to: (a) Maintain records pertaining to the Plan. (b) Interpret the terms and provisions of the Plan, and to construe ambiguities and correct omissions. (c) Establish procedures by which Participants may apply for benefits under the Plan and appeal a denial of benefits. (d) Determine the rights under the Plan of any Participant applying for or receiving benefits. (e) Administer the claims procedure provided in this Article. (f) Perform all acts necessary to meet the reporting and disclosure obligations imposed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). (g) Delegate specific responsibilities for the operation and administration of the Plan to such employees or agents as it deems advisable and necessary. In the exercise of its powers, the Plan Administrator shall be entitled to rely upon all tables, valuations, certificates and reports furnished by any accountant or consultant and upon opinions given by any legal counsel in each case duly selected by the Plan Administrator.